The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam has urged the government to expand its revenue collection sector.
The chief of the apex body of businessess expressed concerns regarding the government's target to collect Tk5,41,000 crore in revenue for the fiscal year 2024-25, noting that achieving this goal would be challenging without broadening the tax net.
The FBCCI president expressed his reaction following Finance Minister Abul Hassan Mahmood Ali's presentation of a Tk7,96,900 crore budget for the fiscal year 2024-25 at the Parliament on Thursday (6 June).
Mahbubul Alam said, “The budget deficit is Tk 2,56,000 crore, and the government plans to borrow Tk 1,37,000 crore from domestic banks to cover part of this deficit.
“This amount is substantial, and if the government draws such a large sum from banks, it could create difficulties for our businessmen in securing loans.”
The FBCCI president suggested that the government borrow funds from international sources to alleviate pressure on domestic banks.
“The budget has been increased by 10% to 12% in the last 4-5 budgets, but this time the rate has been less than 5%. I think it is logical and realistic considering the global economic crisis and inflation. It is achievable if we all work together,” he added.
