The International Business Forum of Bangladesh and Bangladesh Enterprise Institute jointly organised a webinar on Saturday where speakers discussed various measures taken by the government for promoting private sector businesses in the country.
Planning minister MA Mannan was present at the webinar titled The National Budget for 2021-22: Private Sector Perspective as the chief guest. Senior research fellow for Centre for Policy Dialogue Towfiqul Islam Khan attended the event as a keynote speaker.
Speakers at the vent also highlighted the government’s plans for a five-year extension of the VAT exemption for manufacturers of motor cars and motor vehicles to 'maintain the existing momentum of growth in local industries'. They also spoke on proposed tax exemption on various industries.
They said that the budget provides several tax waivers and holidays for domestic industries and one-person owned companies, including women entrepreneurs who will enjoy Tk seven million as the threshold for turnover taxation.
They said that Finance Minister AHM Mustafa Kamal proposed a 10-year tax exemption in the proposed budget for the next fiscal year for ‘Made in Bangladesh’ brands to speed up the establishment of mega industries and production of import-substitute industrial goods in Bangladesh.
The exemption will apply to manufacturers of three- and four-wheelers, home and kitchen appliances and light engineering products under the condition that their local value addition will be 20 per cent to 40 per cent, local employment and promote the ‘Made in Bangladesh’ brand.
The minister proposed a reduction of tax for non-listed companies to 30 per cent from 32.5 per cent and for listed companies to 22.5 per cent from 25 per cent, they said.
MS Siddiqui, Legal Economist & Vice President, International Business Forum of Bangladesh (IBFB), Dr M Masrur Reaz, Chairman, Policy Exchange of Bangladesh, Dr Muhammad Abdul Mazid, Former Secretary and Ex-Chairman, NBR & Chairman, Finance Committee, IBFB and Dr Mohammad Mahfuz Kabir, Research Director, Bangladesh Institute of International and Strategic Studies (BIISS) spoke at the event as designated discussants.
President of BEI, Ambassador M Humayun Kabir, delivered the welcome remarks at the webinar and Vice President Finance of IBFB, Lutfunnisa Saudia Khan, delivered the vote of thanks at the webinar.
Humayun Rashid, President, IBFB & Managing Director & CEO, Energypac Power Generation Ltd. Was present at the webinar as the chairperson.
