Budget thoughts, from Chittagong
Business leaders of Chittagong recently spoke to The Daily Star where they expressed their recommendations and expectations from the forthcoming budget. One overwhelming appeal from the business leaders to the government has been the upgrade of infrastructure in Chittagong and amnesty for black money.
Alihussain Akberali, chairman of BSRM Group, is a strong advocate of private-public partnership (PPR) and asks the government to further promote it for infrastructure development.
He feels the current framework of the country influences people to resort to unlawful activities such as appropriation of black money. He asked the government address the issue. The government should make use of black money or else it would be smuggled abroad to the detriment of the country, Akberali said.
Sakhawat Hossain, managing director of Western Marine Shipyard Ltd, feels that the government should revamp the tax framework to make it more binding and conducive.
He too urged the government to use black money for investment in areas that are in need, along with upgrading the facilities at Chittagong Port to better serve the country.
“First and foremost, the government should concentrate on drafting a practical budget,” said Saifuzzaman Chowdhury, managing director of Aramit Group.
“My strong suggestion to the government is to open the doors of power sector to all. Allowing people to invest here like in other sectors would not only solve the country's severe power crisis but also divert funds to the sectors that are in need.”
He too feels it is necessary to upgrade infrastructure in Chittagong, and urged the government to fix a minimum level of tax for raw materials.
Additionally, he asked the government to explore the option of transforming the southern part of Karnaphuli river to an industrial base. It will generate significant employment opportunities for all.
Abul Bashar Chowdhury, chairman of BSM Group, feels that for the prosperity of local enterprise, the government in the upcoming budget should devise a different rate of excise duty for raw materials from finished products. He urged the government to rethink the tax rates as well.
He proposed the broadening of the tax horizon for higher NBR revenues and use of black money in the energy sector.
He further suggested that the government makes an allocation to increase the capacity of Chittagong Port. The current capacity is not sufficient to support the volume of trade.
“A forward-looking, achievable and positive budget is what Bangladesh requires,” said Tariq Ahmed, a director in the Chittagong-based TK Group of Industries.
He urged the government to set aside necessary funds in the forthcoming budget for infrastructure development of Chittagong. This would not only benefit the port city but the entire country as goods from Chittagong Port, the country's main port, could be delivered faster to the rest of the country.
“Although its fruition will take long, it would be wise of the government to start the Asian Highway project in the upcoming fiscal year,” Ahmed said.
He also suggested the term “black money” should be better defined. Money from tax evasion should not be included in the same bracket as bribe money or earnings from illegal sources. The former could be injected into the economy, while the latter should remain illegitimate.
As the president of Chittagong Woman Chamber of Commerce and Industry, Monowara Hakim Ali feels that the government should provide more incentives for women entrepreneurs in the upcoming budget.
“The government needs to be more inclusive of women in its development plans,” said Monowara, who is also the vice-chairman of Intraco Group.
She hopes Chittagong receives significant consideration in the budget as the port city provides ample revenue sources for the government, most of which remain to be exploited.
“In the forefront should be the development of infrastructure of the port city,” she suggested.
Like others, she too feels that the government needs to devise effective ways to legitimise black money in the economy.
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