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Mixed reaction over budget

By Staff Correspondent
Reaction to the national budget for the fiscal year 1992-93 continued to pour in Saturday expressing both con ccrn and optimism.
Various professional groups, business bodies and political portion were critical of the budget while some of those also appreciated a number of proposals of the budget
President of the Federation of Bangladesh Chamber* of Commerce and Industry (FBCCI) Mahbubur Rahman at u special meeting on the proposed budget Friday said the new budget contained no pro vision for restructuring and rehabilitating the sick Indu* tries In the private sector.
While Taka 250 crore was allocated for the mismanaged and loss making public enter prises for restructuring and payment of compensation, he said, adding that if the sick In dustrlcs tn the private sector were not given due attention new Investment would not be forthcoming.
He said that certain meu sure* for tax reforms with a view to mobilising internal resources were proposed in the budget. But protection for local industries and_ encouragepiciii * for new" investment and export incentives were nol sufficient, he added.
While commenting on the direct tax. the FBCCI president pointed out that instead of implementing the provision of 199 1 92 export policy envisaging 100 per cent exemption of income tax on export earnings the present proposal of payment of 50 per cent rebate on income tax and one per cent income tax deduction would not be encouraging step for promotion of export.
Total exemption on Taka 40 thousand on any Individual income was a positive move but reduction of Investment allowance from 30 per cent to 20 per cent was discouraging. Mahbubur Rahman observed.
The chamber leader considered 15 per cent Value Added Tax (VAT) rate as very high compared to other Asian countries like Thailand where the rate was 7.5 per cent only.
He also felt that the proposal for bringing the small Industries with capital machinery of Taka three lakh and with yearly turn over of more than Taka 12 lakh under VAT would adversely affect the growth of small industries.
He said that instead of ac-rccptlng FBCCI recommendation to allow import of capital machinery and Its spare parts free of import duty, enhanced duty had been Imposed on major Industrial raw materials to make industrial production further incompetilivc against the Imported finished goods.
The FBCCI president ex pressed his surprise al how an additional revenue Income of Taka 383 crore could be achieved from Import operations despite reduction of duties to the tune of Taka 243 crore.
The FBCCI president, however. suggested that the Finance Minister would take necessary measure* to make the budget conducive to the Investment and revitalisation of economy through meaningful dialogue with the private sector
The standing committee of the Bangladesh Workers Party reacting to the proposed na tlonal budget said that It hud made the market of the coun try open for foreign goods to such extent that even the World Bank did nol demand
The Finance Minister had not taken Into consideration the socio-economic reality of the country while preparing the budget, the standing committee of the party fell.
It. however, strongly criticized the budget saying that the growth In both agriculture and industrial sector would be hampered due to the measures ^7^5 budget.
Bangladesh Sick Industries Assocfotlop JBSIA) In a statement said the budget prescribed by the World Bank and IMF was against the interest of the local Industries. No direction was made In the proposed budget to salvage the sick Industries in the country.
It also termed the budget as ’import oriented' and said that it would make the country a market of the foreign countries.
There were no measures in the proposed budget which can generate employment opportunities In the country, the BS1A said.
Bangladesh Inspectors of Taxes Association In a statement termed the proposed budget as timely and people oriented and said the proposal of reforms lo be brought in the Income tax management would be a bold measure in the context of the present economic condition of the country.
Bangladesh Textile Mills Association congratulated Finance Minister for his initiative to expand the sources of income of the government from the internal resources without introducing new taxes.
It, however, said that there were no such measures lo develop the textile sector though the Minister in his budget speech mentioned prospective side of Ihc sector as well as ihc problems.
Bangladesh Nagarlk Adhikar Parishad hailed the budget for nol introducing new taxes Ihal brought a Hille bit relief for the people.