MCCI appreciates budget, suggests interim evaluations

The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) has appreciated the majority measures of the proposed budget and suggested the government evaluate budget implementation in every three months, at least in the pandemic year for its proper implementation.

The leading business body came up with the observations and suggestions at a programme in the capital on Friday to express its budget reactions.

It described the proposed budget as courageous and ambitious in many aspects. On the other hand, the trade body criticised the budget for several measures.

Finance Minister AHM Mustafa Kamal on Thursday placed the budget for the fiscal year 2021-22 before the parliament.

The MCCI urged the government to address the major challenges of the budget and ensure quality of public spending.

MCCI criticises

Lack of measures for rationalising advance income tax

No specific reform in tax administration

Increase tax on mobile financial services

Provision of turnover tax

Limit of investments by individual taxpayers

MCCI suggests

Use all available channels to avail foreign funds

Steps for economic security

More steps to ensure health security

Implement social safety programmes in a more extensive manner

Focus on the new poor

Prioritize businesspeople for vaccination

Rationalise paid-up capital for one-person company

MCCI appreciates

Cuts in corporate taxes

Increase in deficit amid the Covid crisis

Priority to the five essential sectors

vaccinate 80 percent of the population in phases

Tk100cr for health research

Steps for employment generation

Steps to address migrant workers crisis

Tax exemptions

Reduction of tax of SME owned by women

Non-renewal of the opportunity of whitening black money