Luxury items to be costlier in next budget: NBR chief

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FE Report
National Board of Revenue Chairman Muhammad Abdul Mazid Wednesday said the government will impose higher duty on luxury items in the next budget to help maintain a stable foreign exchange reserve.
"We will impose higher duty on the import of luxury items, including biscuits and chips, as such import would create pressure on foreign exchange reserve amid global financial meltdown," the NBR Chairman added.
The NBR chief said this at a pre budget discussion with the country's three leading chambers.
Leaders of International Chamber of Commerce-Bangladesh (ICC-B), Foreign Investors' Chamber of Commerce and Industry (FICCI) and Bangladesh Chamber of Industries (BCI) met the NBR chief in the city.
Mr Mazid also said this is the right time to concentrate on the production and use of locally made goods as it will save foreign exchange to a large extent.
The NBR chairman, however, said: "We should not be panicked by the ongoing financial crisis. we will overcome this situation as we have the experience to combat such problems before."
He also said the government will not go by the dictates of the donor
agencies during formulation of the next budget rather the government will prepare the budget for the welfare of the people depending on its own intelligence.
"We will formulate a budget which will be both implementable, and
acceptable to all," Abdul Mazid said further.
He said that during the formulation of the next fiscal year's budget, the
government would keep in mind the ongoing financial meltdown.
Speaking at the pre budget discussion, ICC-B President Mahbubur Rahman said the government should reconsider the existing tax on dividends and profits of banks.
He also said incentives for the industries should not be given in cash adding: "You must avoid cash incentives."
He further said the government might mobilise Tk 2500 per annum from each businessman across the country as tax, saying: "This will be a big source for government revenue."