DCCI seeks penalty-free facilities for legalising undisclosed money
FE Report | Friday, 13 June 2008
The Dhaka Chamber of Commerce and Industry (DCCI) Thursday demanded penalty-free and unconditional facilities for legalising undisclosed money in the next fiscal year.
"In addition to the proposed provision for disclosing undeclared money in the new budget, we seek unconditional and penalty-free legalisation facility for those undisclosed money which will be invested in the manufacturing and productive sectors," President of the DCCI Hossain Khaled told the press.
He was analysing the proposed national budget for next fiscal 2008-09 before journalists at a press conference in the DCCI conference room in the city Thursday.
Finance adviser Mirza Azizul Islam in his budget speech has offered disclosures of undeclared money by paying applicable income tax and 7.0 per cent penalty in first four months (July-October) of the next fiscal year.
"If the government does not offer the above facilities and there is lack of political stability, we do not think that the people will declare the money within the existing conditions. So, the revenue earnings will be hampered and budget implementation will be difficult," Mr Khaled said.
Terming the budget as an "expansionary" one the DCCI President said: "Without national poll in time, implementation of the big budget will be difficult."
Criticising the plan of higher bank borrowings to offset budget deficit, he said this measure would push up the lending rates that will hamper investment, increase production cost and fuel inflation.
Hailing four-tier duty structure and some other provisions of the new budget, Khaled said: "The monopoly of the pre-shipment inspection (PSI) companies will have to be eliminated so that the importers get maximum service within the competitive market."
The DCCI chief urged the government to develop facilities within the country so that the domestic private sector and the government could jointly continue the PSI activities discontinuing the acts of the foreign companies.
Mr. Khaled also called the government for reducing the corporate tax for the financial institutions including commercial banks from the newly imposed 45 per cent tax.
He demanded some special benefits for the non-resident Bangladeshis (NRBs) and for their family members in the country so that they could be encouraged for sending more remittances.
Khaled called for a unique definition of the small and medium enterprises (SMEs) by different government organizations and demanded exemption of PSI for importing goods worth upto $20,000 by the local SMEs.
Former presidents, current vice presidents and directors of the DCCI were also present at the press conference.
"In addition to the proposed provision for disclosing undeclared money in the new budget, we seek unconditional and penalty-free legalisation facility for those undisclosed money which will be invested in the manufacturing and productive sectors," President of the DCCI Hossain Khaled told the press.
He was analysing the proposed national budget for next fiscal 2008-09 before journalists at a press conference in the DCCI conference room in the city Thursday.
Finance adviser Mirza Azizul Islam in his budget speech has offered disclosures of undeclared money by paying applicable income tax and 7.0 per cent penalty in first four months (July-October) of the next fiscal year.
"If the government does not offer the above facilities and there is lack of political stability, we do not think that the people will declare the money within the existing conditions. So, the revenue earnings will be hampered and budget implementation will be difficult," Mr Khaled said.
Terming the budget as an "expansionary" one the DCCI President said: "Without national poll in time, implementation of the big budget will be difficult."
Criticising the plan of higher bank borrowings to offset budget deficit, he said this measure would push up the lending rates that will hamper investment, increase production cost and fuel inflation.
Hailing four-tier duty structure and some other provisions of the new budget, Khaled said: "The monopoly of the pre-shipment inspection (PSI) companies will have to be eliminated so that the importers get maximum service within the competitive market."
The DCCI chief urged the government to develop facilities within the country so that the domestic private sector and the government could jointly continue the PSI activities discontinuing the acts of the foreign companies.
Mr. Khaled also called the government for reducing the corporate tax for the financial institutions including commercial banks from the newly imposed 45 per cent tax.
He demanded some special benefits for the non-resident Bangladeshis (NRBs) and for their family members in the country so that they could be encouraged for sending more remittances.
Khaled called for a unique definition of the small and medium enterprises (SMEs) by different government organizations and demanded exemption of PSI for importing goods worth upto $20,000 by the local SMEs.
Former presidents, current vice presidents and directors of the DCCI were also present at the press conference.