DCCI focuses on growth-oriented budget

Talha Bin Habib | April 30, 2018 00:00:00

The Dhaka Chamber of Commerce and Industry (DCCI) is going to place its budget proposals to the finance minister today (Monday), suggesting creating a better economic environment which will help attain eight per cent GDP growth in the fiscal year (FY) 2018-19.

Emphasising the need for proper policies of empowerment, encouragement, engagement and environment, the trade promotion body will also call for reforms in economic and trade policies.

A DCCI delegation led by its president Abul Kasem Khan will meet with finance minister AMA Muhith with a package of recommendations for the upcoming budget.

The DCCI will also suggest taking steps to increase the tax-GDP ratio from 11.09 per cent to 14 per cent, introduce business-friendly tax services, expand the tax net, ensure transparency in tax and VAT collection, simplify the tax payment system and provide smart tax card to all taxpayers and launching a campaign to raise development-oriented awareness.

It will also urge the government to lower income tax and corporate tax rates and introduce a taxation system that will efficiently balance market competitiveness.

The country's GDP has grown to 7.65 per cent in FY 2017-18 which was 7.28 per cent in the previous fiscal, according to Bangladesh Bureau of Statistics (BBS).

The largest trade promotion organisation observed that the private investment is witnessing a sluggish growth in the last five years.

The private investment-to-GDP ratio increased marginally from 23.10 per cent in FY 2016-17 to 23.25 per cent in FY 2017-18.

The Foreign Direct Investment (FDI) net inflow was US$ 2454.81 million in FY 2016-17 as against $ 2003.53 million in the previous fiscal, showing a rise of 22.52 per cent, according to DCCI.

At the meeting, the DCCI will also focus on some priority areas including small and medium enterprises (SMEs), energy security, private investment, export diversification, development/modernisation of infrastructure, FDI flow, cost of doing businesses, employment generation and special economic zones.

[email protected]