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The fear factor: Energy crisis

Say businessmen as they roll out a string of budget proposals

Star Business Report
Businesspeople from all sectors yesterday took a united stand to demand that the government fast-track the energy sector with adequate allocation in the upcoming budget.
Entrepreneurs, chamber and trade body leaders, importers, exporters and mill owners from across the country at a pre-budget consultative meeting expressed concern that the industrial growth will come to a halt if the nagging power crisis is not contained immediately.
Like previous years, the National Board of Revenue (NBR) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) co-organised the meeting at Dhaka Sheraton hotel.
The meeting pulls in the demands of businesses to be addressed in the national budget.
The FBCCI proposed increasing the limit of tax-free individual income to Tk 200,000 from the existing Tk 165,000 and for the women and disabled at Tk 250,000 andTk300,000 respectively.
The apex trade body called for rescheduling corporate tax for listed companies at 25 percent, for nonlisted companies at 30 percent and banks, insurance, financial institutions and mobile companies at 40 percent.
It suggested formation of a national tax tribunal for settling financial cases quickly, and extend-ing tax holiday.
The federation also proposed a four-tier import duty structure.
It demanded 1 percent duty on importing capital machinery/basic raw materials, 3 percent on intermediary goods/ingredients, 12 percent for raw materials for locally produced intermediary goods, and essentials, and 25 percent for finished and luxury items.
The FBCCI recommended formation of Alternative Dispute Resolution for settling the cases of customs, VAT and income tax out of the court, and setting-up of an evaluation committee at every customs station.
It also said the government should ease taxation for small traders to bring more of them under the tax net, and proposed a number of measures in this regard.
FBCCI President Annisul Huq said the trade body is against whit- ening black money, but supports legalising undisclosed money.
He also proposed widening the tax net.
Talking about the energy situation, Abul Kasem Khan, president of Dhaka Chamber of Commerce and Industry, proposed an allocation of Tk 10,000 crore or 10 percent of the total budget for the energy sector in the next budget.
"We want the coal policy to be finalized soon, smooth operation of Chittagong and Mongla ports, and state-owned oil and gas exploring company to be strengthened," Khan said, adding that special economic zones should be set up without any delay.
Mahbubur Rahman, president of International Chamber of Commerce-Bangladesh, called for reducing value added tax (VAT) to 10 percent from the existing 15 percent and reviewing the pre-shipment inspection system.
AKAzad, a leading garment entrepreneur, proposed privatisation of state-owned Bangladesh Jute Mills Corporation, Bangladesh Textile Mills Corporation and Bangladesh Sugar and Food Industries Corporation, as those are lossincurring.
Chairman of Bangladesh Tariff Commission Mujibur Rahman said the government should introduce safeguard rules to protect the local industries.
A representative of Natore Chamber of Commerce and Industry proposed reduction in toll collection from the buses and goods-laden trucks at the Bangabandhu Multipurpose Bridge on the Jamuna river, as this is one of the obstacles to the growth of businesses in the country's northern region.
The business leaders also demanded reduced power price, a cut in bank interest rate for poultry farmers, and the government steps to increase regional trade in South Asia.
Mashiur Rahman, economic affairs adviser to the prime minister, asked the tax and customs officials to be honest and efficient in collecting taxes.
He attended the meeting as chief guest in absence of Finance Minister AMA Muhith who was admitted to a private hospital in the capital after suffering a mild stroke in the morning.
NBR Chairman Nasiruddin Ahmed was present, among others.