Experts for more incentives to SMEs and women entrepreneurs

Experts have urged the government to offer more incentives to small, medium enterprises and women entrepreneurs in the next fiscal budget so that businesses can survive the effects of the coronavirus pandemic.

They also put emphasis on reforms of taxation rules and regulation and digitisation of taxation.

Speakers made the calls during a pre-budget webinar titled “National Budget 2021-2022” organised by the Institute of Cost and Management Accountants of Bangladesh on Thursday. 

Observing the current situation posed by the pandemic, speakers at the webinar also emphasised on offering more incentives to health, agriculture, education sectors. They stressed on employment generation for the post-Covid economy.

Speakers presented a number of proposals ahead of the upcoming national budget during the discussion. They suggested changes in the income Tax Act section 35 (3) (C) so that it became easy to check the cost of goods manufactured or the cost of goods sold cited in financial statements.

They also suggested amendment to the existing law so that VAT and Tax could be audited by professional accountants.

Speakers suggested increasing investment rebate for deposit pension scheme from Tk 60,000 to Tk 1,20,000.

Besides, speakers put emphasis on food and agricultural safety, medical and health security, disaster management, industrialisation and development of the capital market.

They stressed on providing special incentives to readymade garments, aviation and transport sectors.

Dr Mashiur Rahman, Economic Affairs Adviser to Prime Minister Sheikh Hasina was present at the webinar as the chief guest. Md Mamunur Rashid, Vice-President of ICMAB moderated the session while ICMAB president Abu Bakar Siddique offered the inaugural speech at the webinar.

Former Bangladesh Bank governor Dr Atiur Rahman among others attended the webinar.