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Business leaders' mixed reaction to budget

STAFF CORRESPONDENT
Business leaders yesterday expressed mixed reactions at the proposed budget for 2004-05 fiscal year that aims to mobilise internal resources and warned that political instability could put brakes on its implementation.
"It's a positive sign to run the country using local resources as
proposed by the finance minister," said Kutubuddin Ahmed, president of the Metropolitan Chamber of Commerce and Industry (MCCI), in his budget reaction to The Daily Star.
The MCCI chief, however, feared that the goal may not be achieved unless political stability is ensured. FROM PAGE 12
"No goal can be gained if the government fails to maintain political stability," he said.
Kutubuddin suggested introduction of a strong monitoring system to achieve the budgetary goals. He praised the government decision to increase farm subsidy. But, he feared that "the initiative will prove futile if the facility does not reach the grassroots farmers".
He viewed that the government could achieve the proposed 6 percent GDP growth if it put emphasis on the service sector.
The MCCI also hailed the decision to appoint a tax ombudsman and make allocation for the independent anti-corruption commission. He demanded of the government continuation of tax holiday to perk up investment.
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Annisul Huq praised the government for attaching special priority to the textile sector through reduction of duty on raw materials, essential machinery and spare parts.
He also welcomed the government proposal to allocate Tk 20 crore for labours, who may lose job in the quota-free regime after 2004.
However, he wanted VAT cut on power and gas since both are closely linked with the readymade garment sector.
Dhaka Chamber of Commerce and Industry (DCCI) President Fazle RM Hasan hailed the budget proposal to withdraw customs duty on medical and hospital equipment and accessories and waive duties and taxes from a number of life-support systems used in hospitals.
The DCCI president, however, asked the government for reduction of import duty on basic raw material and simplification of tax return policy.
Real Estate and Housing Association of Bangladesh (Rehab) President Taufiq M Seraj in a statement yesterday said increasing tax at source of immovable property will hit the real estate business hard.
Bangladesh Textile Mills Association (BTMA) President MA Awal said proposals for duty and VAT withdrawal from textile machinery, chemicals and spare parts will help the sector stay competitive after the phase-out of multi-fibre agreement (MFA).
Chittagong Chamber of Commerce and Industry (CCCI) President Amir Humayun Mahmud Chowdhury termed the budget investment-friendly and favourable to social development. But he expressed dissatisfaction for not allocating any fund for building the third bridge on the river Karnaphuli.
"Though the finance minister spoke on the necessity of construction a road between Myanmar and Bangladesh, he didn't allocate any fund for the bridge," he said in his budget reaction.