Thrust on proper execution of proposed budget

Hailing the national budget proposed for the fiscal year 2019-20 the International Business Forum of Bangladesh (IBFB) on Thursday stressed the need for proper implementation of it.

It also suggested that investment of black money, which was again proposed in the budget, should be allowed in the sectors that will create jobs.

"The proposed budget has a provision to whiten undisclosed money by paying 10 per cent tax to the government. This money should be invested in the sectors that create job opportunity," IBFB president Humayun Rashid told a post-budget press conference at the National Press Club.

This provision (whitening black money) would disappoint regular taxpayers as they (taxpayers) have to pay 10-30 per cent tax (depending on their incomes) to the government, he added.

Finance Minister AHM Mustafa Kamal in his budget speech on June 13 said black money (undisclosed money) holders would not face any question about sources of their income if they invest it in economic zones and hi-tech parks by paying only 10 per cent tax on the amount of money invested.

The opportunity to legalise black money will be open till June 2024.

Lauding the government for presenting its biggest-ever budget in the country's history, the IBFB president said it would help the country's economy grow further.

He suggested rationalising corporate tax rate and urged the government to offer tax rebate/holiday to the banking and telecom sectors that invested money in the stock market.

The IBFB president also suggested allocating sector-wise adequate funds, strengthening the base of agriculture and productive sectors, giving more attention to health and education sectors, encouraging the private sector and ensuring a business-friendly environment to attain the sustainable development goals.

Former chairman of Bangladesh Tariff Commission Dr Mozibur Rahman, former president of IBFB Hafizur Rahman Khan and managing director of Krishibid Group Dr Ali Afzal, among others, were present.

talhabinhabib@yahoo.com