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FBCCI concerned over capital flight for excise duty hike

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Published: 16:25, 3 June 2017   Update: 15:18, 26 July 2020
FBCCI concerned over capital flight for excise duty hike

Economic Correspondent: Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country’s apex trade body, expressed its concern over the possibility of capital flight from the country if the proposed excise duty on bank account is imposed.

Following this, the FBCCI demanded that the government withdraw all excise duty entirely on bank savings.

FBCCI president Shafiul Islam Mohiuddin came up with the demand at a press conference at his Motijheel office in Dhaka on Saturday.

“The depositors will be discouraged to keep their money in banks due to increased amount of excise duty,” said the FBCCI president.

“Also, there is a possibility that money can be ulitised through unconventional channels instead of banks, which in turn would have a negative impact on the economy,” he added.

In the budget speech, Finance Minister Abul Maal Abdul Muhith on Thursday set National Board of Revenue a target of Tk 2.4819 trillion for the fiscal year 2017-2018.

Pointing to the recent natural disaster that caused huge damage to agriculture production, the FBCCI chief said the target would be a challenge.

“Thus, close observation is needed to attain the target,” said Shafiul Islam Mohiuddin.

The FBCCI chief also said it would be a challenge for the government to implement the proposed new budget unless skill, transparency, and accountability are ensured.

The government should give emphasis on proper monitoring of revenue earning at the early stage of the new fiscal year in order to implement the budget. The government also has to revise the budget every year to ensure proper financing and expenditure, he added.

FBCCI vice presidents Sheikh Fazle Fahim and Muntakim Ashraf, Dhaka Chamber president Abul Kashem Khan, BGMEA president Siddiqur Rahman, BKMEA president Selim Osman, Chittagong Chamber president Mahbubul Alam were also present at the press conference.

risingbd/DHAKA/June 3, 2017/Nasir/Amirul

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