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FBCCI proposes special fund, review body for robust RMG

STAR BUSINESS REPORT
The FBCCI yesterday proposed to set up a special fund for developing backward linkage industries for the RMG sector and form a review committee to address present problems in the PSI system.
"A special fund for developing backward linkage industries for the readymade garment sector should be established to survive in the quota-free era," said Abdul Awal Mintoo, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), putting forward the proposals of business community at a meeting.
Finance and Planning Minister M Saifur Rahman spoke as chief guest at the 26th consultative committee meeting of the National Board of
Revenue jointly organised by the FBCCI and the NBR in Dhaka. NBR Chairman Khairuzzaman Chowdhury and leaders of different chambers and associations also participated in the discussion.
Terming the present pre-shipment inspection (PSI) system faulty, The FBCCI president expressed the need to makeit more effective.
He proposed to form a review committee to be headed by a tax commissioner, a secretary general from the members of duty evaluation committee of the NBR. Representatives from the FBCCI and PSI agencies constitute the other members of the proposed committee.
He said major competitors in the international RMG market have strong backward linkage industries and are able to feed their forward linkage indus-
tries within four to five days.
"Our backward linkage industries should be given a 25 percent cash incentive. And we need to reduce lead time to survive in the global market," Mintoo added.
Project scrutiny and approval process should also be improved, he said, adding that low quality projects under the annual development programme (ADP) should be closed down after mid-term review.
As the government pays the income tax for the public sector employees, they should have a separate tax identification number or code number, the FBCCI president said explaining that a section of dishonest government officials pocket a huge amount of money every year but such incomes are never brought under tax.
Regarding revenue increase, Mintoo said the government is losing revenue from mobile phone sets due to high duty on them. A huge number of handsets are brought in baggage evading revenue. Mintoo proposed a duty cut on this item and help increase revenue.
The country's apex trade body made 208 proposals for import duty, 32 proposals for value-added tax (VAT) and 90 proposals forincome tax.
Saifur said it is not possible to consider all the proposals. He, however, added proposals having genuine reasons will be considered.
“We have to increase revenue income to implement the poverty reduction strategy paper (PRSP), generate employment and invest in building the infrastructure," he said appraising the proposals.