BTMA slates budget
Saturday, 12 June 2010
FE Report
The country's textile millers have criticised the proposed budget as it has overlooked the role of the backward linkage industry, which will discourage investment.
Abdul Hai Sarker, president of Bangladesh Textile Mills Association (BTMA), in a statement, said: "Global recession has hardly impacted the growth rate of the textile sector for this backward linkage industry."
He, however, lauded the budget for 2010-2011 as it has prioritised human resources development, employment generation, poverty alleviation, infrastructure development and agriculture.
The BTMA president also urged the government to provide a definition for the heavy industries that are proposed to be exempted from VAT in the new budget.
The association also urged the government to expand the time limit of tax holiday to 2015 considering the present investment and economic situations of the industry in order to encourage investment.
The tax holiday facility is expected to end on June 30, 2011, which was introduced in 2008-09.
The country's textile millers have criticised the proposed budget as it has overlooked the role of the backward linkage industry, which will discourage investment.
Abdul Hai Sarker, president of Bangladesh Textile Mills Association (BTMA), in a statement, said: "Global recession has hardly impacted the growth rate of the textile sector for this backward linkage industry."
He, however, lauded the budget for 2010-2011 as it has prioritised human resources development, employment generation, poverty alleviation, infrastructure development and agriculture.
The BTMA president also urged the government to provide a definition for the heavy industries that are proposed to be exempted from VAT in the new budget.
The association also urged the government to expand the time limit of tax holiday to 2015 considering the present investment and economic situations of the industry in order to encourage investment.
The tax holiday facility is expected to end on June 30, 2011, which was introduced in 2008-09.