The New Nation - Internet Edition

Staff Reporter

Leaders of different chambers bodies' yesterday expressed their positive reactions on the budget declared by Finance Adviser Dr AB Mirza Azizul Islam for the fiscal 2008-09.

In their instant reactions they termed the newly declared national budget 'positive' and comparatively better than that of the previous ones.

They said the proposed budget would encourage investment, strengthen social safety net, alleviate poverty and eliminate both income and regional disparities.

They said that the new fiscal budget has some guidelines that would attract more local and foreign investment in the country. They also welcomed the Government for expanding the period of tax holiday up to June 2011.

They said that the proposed budget has some guidelines that would resolve the economic depression arising from adverse development on many fronts.

Annisul Huq, President of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) in his reaction welcomed the newly declared budget.

"We welcome the Finance Adviser's efforts for presenting a comparatively industrial friendly budget this year," he said adding that the new fiscal budget would bring dynamism in the field of trade and commerce of the country.

"The proposed expansion of social safety-net programme is a step in the right direction. But implementation will remain a big challenge," he mentioned.

He appreciated expansion of social safety-net programmes and large-scale tax holiday. He said that tax holiday and reduction of duty on raw materials would encourage investment.

He said the new fiscal budget would help promote the export-oriented local industries.

He also said the apex trade body leaders would come up with their detailed analysis tomorrow and make their suggestions to the Government for corrections while finalising the budget to save the interest of the local industries.

"We appreciate the budget proposals for 20 per cent dearness allowance for the Government employees and the common people should have been compensated through raising the tax exemption limit," he said adding the new budget has positive effort in VAT measures.

He appreciated the duty reduction on capital machinery from 5 per cent to 3 per cent and measurers to promote domestic and export- oriented industries.

He, however, pointed out that the customs duty on import of basic raw materials should have been reduced to 5 per cent to promote domestic industrialisation.

The FBCCI President opined that the slabs of customs duties should have been reduced to 5 per cent, 12.5 per cent and 25 per cent for promoting the overall industrialisation in the country.

Abdul Hai Sarker, President of Bangladesh Textile Mills Association (BTMA) in his reaction said the budget for the fiscal 2008-09 is people-oriented.

"We welcome the budget declared by the Finance Adviser Dr AB Mirza Azizul Islam. We consider the budget as people oriented and industrial friendly," said BTMA President.

He thanked the Government for extending the tax holiday. He said the newly declared budget would help in promoting the country's textile sector.

Salahuddin Ahmed Khan, Chief Executive Officer (CEO) of Dhaka Stock Exchange (DSE) Ltd welcomed the budget. He welcomed the Finance Adviser for taking decision for offloading the telecommunication, power and energy sectors shares.