Thursday 18th of July 2024

FBCCI Urges the Govt to ensure the highest utilization of allocated budget in the energy sector

Morning Mirror Desk »

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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of Bangladesh, has called upon the government to ensure the highest utilization of allocated money in the energy sector. FBCCI also urged the govt. to prioritize the power and energy sector in order to maintain a continuous supply of energy for industrial production. FBCCI President Md. Jashim Uddin made these recommendations during a press conference held at the FBCCI Icon on Saturday.

FBCCI President advocated for increased emphasis on coal-based power plants and renewable energy sources, which would contribute to an uninterrupted energy supply to factories. He said that the government has to be more strategic regarding financial allocation to the power and energy sector with particular emphasis on the issue.

Md. Jashim Uddin also urged the government to withdraw VAT tax on raw materials of renewable energy.

FBCCI President said that the government will take Tk 1 lakh 55 thousand 395 crores from internal sources to meet the budget deficit. Out of this, Tk 1 lakh 32 thousand 395 crore will be taken from the banking sector. This will create a barrier in the flow of credit to the private sector, he added.

In such a situation, Md. Jashim Uddin requested the government to consider getting financing from foreign sources at the lowest possible interest rate considering the cost of funds instead of getting finance from the banking sector.

FBCCI President re-recommended withdrawing all types of taxes including VAT from man-made fiber and reducing the source tax on exports from 1 percent to 0.5 percent.

FBCCI President also raised concerns about the limited provisions in the budget for the textile and export sectors, as well as the small and medium-sized enterprise (SME) sector. He recommended the complete withdrawal of all types of taxes, including VAT, on man-made fiber, and reducing the source tax on exports from 1% to 0.5% to support the development of the textile sector and enhance export competitiveness.

President Md. Jashim Uddin thanked the Govt. for making tax free limit BDT 3.5 lakh. He requested the govt. to raise the tax-free limit to BDT 4 lakh to address the impact of inflation.

He emphasized the significance of giving priority to technical education for the advancement of a smart Bangladesh, emphasizing the need for a skilled workforce equipped with advanced technical skills.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Amin Helaly and Habib Ullah Dawn, Director of FBCCI Dr. Kazi Ertaza Hasan’s, CIP, Directors, Dhaka Chamber President Barrister Sameer Sattar, and others were present at the program.

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