DHAKA, March 23, 2024 (BSS) - Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam today hoped that there would be specific guidelines in the next budget for FY25 considering the current economic challenges alongside firm steps in the macroeconomic management to uphold the economic development.

"In light of this, the budget proposals of the FBCCI are being framed," Mahbubul said while addressing a pre-budget view exchange meeting with heads of chambers and sector-based associations.

This view exchange meeting was held today at the board room of FBCCI to discuss proposals and recommendations related to import duty, income tax, VAT and other taxes in the proposed budget for the upcoming fiscal year (FY25), said a press release.

In the meeting, the FBCCI president said that the process for preparing the budget proposals of FBCCI for the next fiscal year has already started.

"We've received several proposals from various Chambers and Associations which are under consideration for inclusion in FBCCI's proposals. The expert team formed by the FBCCI is working on the budget proposals," he added.

Mahbubul also mentioned that the National Board of Revenue's (NBR's) budget taskforce on income tax, import duty and customs has discussed the basic proposals of FBCCI on income tax, import duty and customs.

He said although the country's national economy is on a solid foundation, the ongoing global economic crisis continues to create challenges for the economy of Bangladesh like other countries of the world.

"So, it has become imperative to strengthen further the country's business-friendly environment to face the long-term impact of post COVID-19 situation, Russia-Ukraine war situation and the Middle East crisis and the challenges of LDC graduation," he added.

Mahbubul hoped that special priorities would be given in the next budget to strengthen the position of Bangladesh in the global competitiveness index, reducing cost of doing business, ensuring investment protection, increasing port capacity, ensuring balanced investment supportive monetary and customs management, reducing all types of transportation costs including shipping costs as well as electricity and fuel costs.

Besides, he advocated for ensuring transparency and good governance in infrastructure development and also to ensure business-friendly tax management by eliminating harassment in tax collection.

FBCCI senior vice president Amin Helali said that the FBCCI is working on making logical proposals after taking various opinions and recommendations from the traders.

He mentioned that the issues are also being discussed with the NBR as well as its VAT and Customs wings. He said that the issues discussed today will be included in the preparations for the next budget proposals.

In the view-exchange meeting, the chiefs and representatives of various chambers and sector-based associations presented various proposals regarding the upcoming budget.

Incorporating the rational proposals from the chambers and associations, recommendations will be made to the government to take effective steps to protect the interests of local industry in investment, employment and building Smart Bangladesh.

Apart from these, discussions were also held on HS code of products, increased penalty and customs value.

Former first vice-president of FBCCI Mohammad Ali, current vice president Md. Munir Hossain, directors, heads of chambers and associations, and business leaders attended the meeting.