& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

Budget lacks ways to deal with risks: DCCI

Star business Report
The proposed budget for the next fiscal year lacks direction to raise investment and tackle risks to export growth arising out of the ongoing global economic slowdown, said Dhaka Chamber yesterday.
Instead of measures to minimise these risks, some steps were proposed that discourage investment and trade, said Dhaka Chamber of Commerce and Industry (DCCI) at a press conference at its office in the capital.
The chamber made the observation after Finance Minister AMA Muhith proposed a Tk 191,738 crore budget for the fiscal 2012-13.
The budget relies on generating nearly 60 percent of the expenditure through increased revenue collection.
"Specific steps are needed against the backdrop of the sluggish business and investment scenario and other risks," said DCCI President Asif Ibrahim.
"Otherwise, the government's huge tax collection target will put extra tax burden on individual taxpayers and entrepreneurs affecting economic growth."
The DCCI referred to the sluggish exports growth due to a slow pace in the global economic activities and debt crisis in Europe.
It said exports and imports will need to grow by 50 percent to achieve the budgetary targets.
But instead of taking measures to increase exports, the government plans to hike taxes on exporters' income, impose duty on raw materials and expand the net of value added tax.
"These (measures) will discourage trade and investment," said Ibrahim, adding that the proposed budget also lacks direction to improve credit flow to the private sector and reduce lending rates.
The chamber also expressed doubts over the budgetary targets of achieving a 7.2 percent economic growth and containing inflation within 7.2 percent.
"Meeting the targets will be the biggest challenge for the government," said Ibrahim.
The implementation of the budget would be at stake due to the growing risk of political instability, he added.
The impasse in politics might affect garment exports, a lifeline for the country's economy, he said.
A major garment buyer has already warned of changing their purchase policy unless the chaotic situation in politics comes to an end, said Ibrahim.
The DCCI hailed the government's various promises and measures including
digitisation and automation, e-governance, and formulation of law for public private partnership for the next fiscal year.
It, however, opposed the initiative to impose taxes on those saving account holders who have no TIN (tax identification number).
The DCCI came down on the plan to charge 4 percent VAT at flat rate for retailers, wholesalers and suppliers as well as to impose tax on mobile phone bills.
The chamber also criticised the government's reluctance to increase tax-free income limit from Tk 180,000 for individual taxpayers.
"Individual taxpayers bear the brunt of increased cost of living due to inflation. Under the circumstances, it is necessary to hike the tax-free income limit," said DCCI President Ibrahim.
"Without considering inflation, the government has kept the tax-free ceiling unchanged and increased the amount of taxes. Such a hike will deepen public sufferings."