Commerce Secretary slams onion price hike as irresponsible act of businesses

The jump in the prices of onion by Tk 70-80 per kg overnight can’t be the work of any responsible businesspeople, said Tapan Kanti Ghosh, senior secretary of the Ministry of Commerce on Sunday.

He was speaking as a special guest at a programme organized to celebrate ‘National VAT Day’ at Agargaon‍‍`s NBR Building.

The invitation card had the name of Finance Minister AHM Mustafa Kamal as the chief guest of the programme. But he was conspicuously absent. The chair of the chief remained empty during the entire event with organisers announcing the finance minister could not attend due to unavoidable reason..

Commerce secretary Ghosh described the onion price hike as irresponsible behaviour of a section of businesspeople.

Businessmen should understand that business is for the people of the country. We don’t want them to do business without profit. But how can a product that costs Tk 120 a kg a day before sells at Tk200 overnight,” he wondered.

There is no logic for the abnormal rise in the prices of onion just a day after India announced a ban on its export, the commerce secretary said.

He said the commerce ministry is mulling reducing the customs duty on daily necessities. It has a direct relationship with the people. There is also a political factor, he said.

“Let‍‍`s talk about tax exemption for the sake of industrialization. We want to grow in business. We want to increase the capacity of traders,” he added.

After 2029 there will be no duty-free facility, and then the duty will be zero. He also mentioned that there will be revenue loss about Tk12000 crore if cash incentives are given on 43 products.

President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam, Secretary of the Finance Division Md. Khairuzzaman Majumdar among others spoke at the function. The NBR Chairman Abu Hena Md Rahmatul Muneem presided over the programme.

Zakia Sultana, NBR member (VAT Policy) presented a keynote paper at the ‘National VAT Day” event.

The NBR handed over the crests and certificates to the nine highest VAT payers in different categories.

Business leaders, tax zone officials, and officials from different ministries attended the event.