Proposed budget complicated, their demands not reflected: FBCCI


Dhaka, June 3: The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), an apex business body in the country, on Friday termed the proposed budget as ‘complicated’.

 Some new strategies to collect VAT in the proposed budget will be complicated and their demands were not reflected in the proposed budget 2016-2017 fiscal which placed in Parliament on Thursday.

 ”FBCCI had put 7 proposals since four months before announcement of budget but reflection of that demands are not reflected in the budget,” FBCCI president Abdul Matlub Ahmad said while speaking at a press conference on post-budget reaction held in its Motijheel office.

 The FBCCI leader said the government has introduced new formulas from small businesses which would be difficult to collect money if VAT or TAX unfairly imposed on traders.

 “We noticed the proposed budget is big. It means a big revenue collection. It means businessmen will have to pay more money as taxes,” the FBCCI chief said.

 “To analysis this huge budget and to make proper reaction on it need more time. Along side, positive reactions are getting from Jewellers’ Association, importers of hybrid car, e-commerce, small and medium-sized enterprises (SMEs) who feel they felt problems in the proposed budget,” he added.

 FBCCI, however, would come up with its detailed reaction through another press conference on June 8 or 9.

 Matlub Ahmad said: “We have 480 associations, 80 chambers and many joint members. Many of them can not accept the proposed budget. They are eager to inform us their reaction. We will talk to them and inform the government of their problems. We will also examine which parts of our proposals were taken by the government and what parts left unheeded.”

 The federation president said the business FBCCI is always against black money. However, if the money was smuggled out of the country, then the government must take action to keep the money within the country, he said.