Economists on specific guidelines in budget to overcome pandemic damage

Economists and businesses have pressed for specific guidelines in the upcoming national budget to overcome damages caused by the pandemic.  They came up with the demand during a pre-budget webinar jointly organized by Dhaka Chamber of Commerce and Industry (DCCI), The Daily Samakal and Channel 24 on Saturday (April 10).

Prime Minister’s Economic Adviser Dr Mashiur Rahman and Brack Chairperson Hossain Zillur Rahman graced the occasion as special guests.

“If the rate of duties and taxes exceeds standard level, trade and commerce will be shattered”, said Dr Mashiur.

He urged the government to outline how the uptick of revenue could be realized creating no hindrance to the economic wheel.  A sustainable and resilient tax structure of 7-10 years might play significant role to widen investment, Mashiur thinks.  

Social acceptance of fixing tax and the national expenditure will have to be assured. Alongside, the authorities have to review on whether the levy imposed on citizens is reasonable or not, added he.

 “A budget is not only a tool to collect revenue, instead, it is the synopsis of government’s overall development”, said Dr Hossain Zillur Rahman.

“We are going through the second wave of coronavirus which should be faced emphatically. Some specific guidelines will have to be incorporated in the upcoming budget to overcome the coronavirus disaster”, he furthered.  

DCCI president Rizwan Rahman said, “Hopefully the government will take effective measures in the 2021-22 fiscal budget to revive the economy by formulating business friendly revenue, blooming industry and returning to advanced economic growth.

The chamber boss highlighted multiple issues including income tax and vat, financial sectors, industry and commerce, energy, communication and health infrastructures to be focused on significantly in the budget aiming to revive the post-pandemic economy.

The webinar was consisted of 4 sessions where delegates of public and private sectors upheld their views. CEOs of IPDC finance, Standard Chartered Bank, mobile banking services Nagad and Chittagong Stock Exchange chairman Asif Ibrahim took part in discussion of ‘Financial Sector’ session.  

President of Bangladesh Super Market Owners Association Kazi Inam Ahmed, ex-BKMEA president and managing director of Plummy fashions ltd Md Fazlul Haque, Bengal Group’s vice chairman Md Jashim Uddin and SME Foundation chair Dr Md Masudur Rahman addressed the ‘Industry and Commerce’ session.