Niaz Mahmud
The Institute of Chartered Accountants of Bangladesh has lauded the proposed national budget for 2021-2022 fiscal year as ‘business-friendly’.
In its instant reaction on Thursday evening, President of ICAB Mahmudul Hasan Khusru said the proposed budget would help overcome the ongoing Covid-19 pandemic situation putting the country's economy on track to achieve the targeted GDP growth.
He said, “We appreciate the proposed budget which focuses on employment generation through skill development, tax exemption in light engineering industry, agro-based industry and bringing the new concept of Made in Bangladesh.”
More budgetary allocation is expected in education, research and development and automation in tax administration, he added.
The ICAB President also said, “Budget allocation for social safety nets is inadequate considering the substantial number of people falling below the poverty line due to the ongoing corona situation.”
He welcomed the reduction of the corporate tax rate by 2.5 per cent.
Individual taxpayer’s burden should be reduced considering the prevailing pandemic situation, Mahmudul Hasan recommended.
The national professional accountancy body president thanked the Prime Minister and the finance minister for the budget of 2021-2022 FY.
Earlier in the afternoon, Finance Minister AHM Mustafa Kamal placed the proposed national budget of Tk 603,681 crore for 2021-2022 fiscal year in the parliament.
