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FBCCI for scope to whiten money

Staff Correspondent
FBCCI yesterday lent its support to the provision of whitening of black money in the proposed budget for the fiscal year 2009-10 in exchange for payment of 10 percent tax.
FBCCI said the whitening of undisclosed money would help boost local investment and might play a role in offsetting the adverse impact of the global financial downturn on the domesticeconomy.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Annisul Huq at a post-budget press conference at the Federation Bhaban termed the budget business and industry-friendly.
“We do not support legalising undisclosed money on moral ground but it is necessary to boost investment and employment generation,” he said.
"We need more investment and employment generation and on this ground the government can allow whitening of black money," Huq added.
Replying to a query Huq said if any chamber negates the provision it can say so but FBCCI supports the move."
FBCCI suggested that the government should float public private partnership (PPP) bonds on the stock market to raise fund to cover the budget deficit.
Annisul Huq said the private sector might suffer from credit crunch if the government borrows Tk 20,000 crore from the banking sector to cover the deficit in the budget.
"It would rather be wise to raise fund from the stock market through floating PPP bonds which would also help reduce dependency on bank borrowing and foreign aid," he continued.
He thanked the government and the finance minister for the provision of stimulus package of Tk 5, 000 crore in the budget to face the global financial recession.
Huq praised the government’s move to expand the social safety net programme and raise the allocation to combat climatic change.
In his speech Huq also advocated privatisation of the state-owned enterprises (SoEs) and revival of the sick-industries for better management and employment generation in the private sector.
Huq. however, urged the government to reduce corporate tax to attract both domestic and foreign investment in the country.
In the budget the finance minister could have paid more attention on the revival of the jute sector and setting up Effluent Treatment Plants (ETPs) for greater interest of environmental protection, Huq said.
FBCCI chief suggested the Board of Investment (Bol) be restructured and Bol should lead the PPP projects.
Huq proposed that the government should appoint investment and export promotion officers in Bangladeshi embassies abroad to increase export and investment.
| Ie finally expressed satisfaction, as most of their recommendations were included in the proposed budget.