Budget is rational, realistic and implementable: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has expressed satisfaction with the first budget announced in the third term of the current government.

FBCCI President Mahbubul Alam said that the budget is logical, realistic and implementable.

He made this comment at a press conference organized in response to the post-budget at the FBCCI office in Motijheel in the capital on Thursday (June 6).

In an immediate response, he said that in this year's budget, the personal tax-free income limit has been kept at Tk 3.5 lakh as before.

"We propose to make it Tk4.5 lakh. Hope the government will take this into consideration," he added.

He further said: "Besides, traders have been demanding withdrawal of Advance Income Tax (AIT) and Advance Tax (AT) for a long time. It has been kept in this year's budget as well. We propose that the Government consider these two issues."

Regarding the government's borrowing and revenue collection targets from internal sources, he said that the revenue collection target in this year's budget is Tk541,000 crores. It will be very difficult to realize.

"On the other hand, the government has set a target of borrowing from banks of Tk137, 500 crores which is about 54 percent of the budget deficit and 17 percent of the total budget. If the government accepts such a large loan, we businessmen will face difficulties in taking loans."

"We therefore suggest that borrowing from foreign rather than domestic sources will be positive for the overall economy," he added.