President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akramuddin Ahmed on Wednesday stressed the need for plugging up the sources of black money or undisclosed money and squeezing their sources.
The apex trade body president, however, demanded the government create a scope for investing black money in the proposed budget for FY 14 in the capital market and other productive sectors like industries, infrastructural sector and economic zones apart from the proposed facility in the real estate sector.
“If black money is allowed in these sectors, then there’ll be betterment of the country as well as the nation,” he said while addressing a post-budget meeting on the proposed national budget for fiscal 2013-14 held at the Officer’s Club in the city.
Earlier on June 6, Finance Minister AMA Muhith tabled a Tk 2,22,491 crore budget for the fiscal year FY 14 in Parliament where he proposed to allow investment of undisclosed yet legally earned money in the real estate and housing sector.
Finance Minister AMA Muhith spoke on the occasion as the chief guest at the programme while NBR chairman Md Ghulam Hossain as a special guest. The FBCCI organised the meeting.
FBCCI first vice president Monowara Hakim Ali gave the vote of thanks while its vice president Md Helaluddin made the introductory remarks.
The FBCCI president in his speech placed a 19-point post-budget recommendation before the government for its consideration prior to final approval.
About the recent Cabinet decision to approve the possible signing of the Trade and Investment Cooperation Forum Agreement (Ticfa) between Bangladesh and the USA, the FBCCI president said once Ticfa is signed it would create a duty-free access of the Bangladeshi products, especially that of RMG, as well as strengthen the bilateral relations in trade and investment.
Kazi Akramuddin Ahmed said around Tk 14,000 crore outstanding revenues could be achieved through making the Alternate Dispute Resolution (ADR) activities more effective, practical and widened.
The other suggestions and recommendations on the proposed national budget for FY 14 include amending the VAT Act, 2012 in light with the VAT Act practiced in other developed countries like China, Japan, in Europe and other developing countries, retaining the previous rate of package VAT, phasing out the mandatory Pre-Shipment Inspection (PSI) system, reducing the import duty on capital machinery to 1 percent from the proposed 2 percent, extending the tax holiday facility to SME sectors and women entrepreneur sectors apart from the proposed 17 sectors up to 2015 and keeping the non-profit trade bodies out of the purview of the income tax through withdrawing the SRO concerned.
Taking part in the open discussion, former FBCCI president Akram Hossain proposed opening up a research cell at the NBR on how to utilise black money in the economic activities.
Immediate past FBCCI first-vice president M Jasim Uddin demanded the government give special allocations for industrial parks, special economic zones and giving tax holiday facility to the plastic sector.
Source: UNBConnect