Finance Minister

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Nothing to fear about this year's budget: Finance Minister to traders

He said to the traders, "There is nothing to be afraid of this year's budget, you will not be deceived."

He said this while speaking as the chief guest at the National Board of Revenue (NBR) advisory committee meeting on the occasion of the budget for the fiscal year 2023-24 at the Pan Pacific Sonargaon Hotel in the capital on Thursday.

The meeting was jointly organized by NBR and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). FBCCI President Md. Jasim Uddin presided over the program under the chairmanship of NBR Chairman Abu Hena Md Rahmatul Munim.

The finance minister said, "Today, the economy is in recession all over the world. Among them, the private sector of the country is taking the economy of Bangladesh forward. Bangladesh's position in the world economy has come from 41st to 35th. Today, we are among the developing countries of India and Malaysia. We want to move forward with everyone."

Mustafa Kamal also said that the achievement of the economy of Bangladesh is extraordinary despite the fragile global economic situation. This year the global economic growth will be 3.9 percent. It was 3.5 percent the previous year and 3.8 percent before Covid-19 pandemic. Despite this, the progress of our economy is remarkable. He also mentioned that the World Bank and IMF are appreciating the progress of Bangladesh.

On the occasion, NBR Chairman Abu Hena Md. Rahmatul Munim said that everyone will be happy with this year's budget.

He said that it is important to increase the capacity of business and industry institutions to face the challenge of passing in developing countries. NBR is formulating policies in that light. He called upon the traders to increase the production and export of high value products.

FBCCI president on behalf of businessmen. Jasim Uddin presented the budget proposals for the next financial year. He proposed to reduce the rate of advance income tax (AIT) at the import level to 3 percent in a phased manner to reduce costs in industrial production and trade. Currently, the rate of advance income tax is 5 percent. He proposed to exclude all listed consumer goods from the purview of tax deduction at source.

At present, the tax at source is 2 percent on supplies of daily necessities like rice, wheat, potato, onion, garlic, chickpeas, boots, dal, turmeric, pepper, corn, flour, flour, salt, edible oil, sugar, all kinds of fruits etc. There is provision for tax deduction.