Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Sunday, June 10, 2018 11:27:02 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Restore good governance, discipline banking sector

Bring swindlers under book; cut corporate tax on apparel industries : EAB

By
11th-Jun-2018       
Comments
Share your thought
Post a comment »
Read all () »

Special Correspondent :
The Exporters Association of Bangladesh (EAB) on Sunday urged the government to restore good governance and discipline the banking sector to check the wholesale plundering of bank money by corrupt people.
"Unabated swindling of money from banks has created indiscipline in the whole banking., sector. The swindlers should be brought under justice through proper inquiry and investigation. Prompt trial and visible punishment of those involved in bank scams and irregularities are necessary to restore good governance and discipline in the banking sector," said EAB President Abdus Salam Murshedy in a statement giving formal reaction on the proposed budget.
 He observed incidents of big loan scams are taking place due to the prevailing culture of impunity. "It has been working as incentive for those involved in the swindling bank money and encouraging them to repeat the incidents."
Salam Murshedy further said loans scams have created liquidity mismatch in banks and it is badly affecting private sector investment
On proposed 7.8 growth rate he said, "To achieve such a high growth, we must increase private 
 sector investment. Private entrepreneurs usually borrow capital from banks and then use it for production. If banks fail to supply the much needed capital due to liquidity shortfall growth will suffer. So, maintaining discipline in banking sector is crucial to pick up private investment to support the growth," he noted.     
Terming the proposed budget as 'expansionary," the EAB president said the budget has both opportunity and challenge.
"The implementation of the budget will largely depend on the dynamism of the public agencies and revenue administration," he said, adding, "The main challenge lies with deficit financing and achieving the revenue collection target."
He said the proposed budget has projected a 7.8 per cent GDP growth for the next fiscal and achieving the target will be challenging unless private sector investment is not pick up.
"The budget has proposed a number of measures to create an environment of rapid industrialization. The government has made sufficient budgetary allocation in power and energy, physical and social infrastructure sectors and mega projects to support industrialization and growth," he observed.
However, he said, the budget has proposed to increase corporate tax and tax at source on apparel sector which would be detrimental for the industry and investment.
"The increment of corporate tax and tax at source for apparel sector is not business friendly and conflicting with the expansion of business, which will cast shadow on achieving 7.8 per cent GDP growth in the next fiscal," he added.
Murshedy has urged the government to set tax at source at 0.25 per cent instead of 1.0 per cent (to be effective automatically from July 1 as per an NBR SRO) for the next five years and corporate tax rate at 10 percent from 15 per cent for the interest of the sector.
Finance Minister AMA Muhith on Thursday proposed to raise the corporate tax for apparel industries to 15 per cent from 12 per cent for the next fiscal year.
The EAB leader also demanded a five per cent cash incentive for export-oriented apparel industries on their total export value for the next two years considering the challenges of the industry and encourage the industry people.
"Employment generation is needed to increase production capacity. To create jobs, investment is a must. But some measures in the proposed budget would affect investment," said Murshedy.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Middle income people will suffer due to the pressure of rising food inflation


THE Tk 464,573crore budget for the coming year has proposed the continuation of the existing tax-free income ceiling and tax rates for individuals and companies. News media quoting CPD's post-budget discussion reported that the budget will benefit the high- and low-income people, leaving the middle and lower middle-class people strained. ...

Football »

Switzerland`s Keeper Roman Buercki, centre, in action against Japan's Tomoaki Makino, centre left, during an international friendly soccer match between Switzerland and Japan at the Cornaredo stadium in Lugano, Switzerland on Friday.


Sports »

Golden State Warriors' Kevin Durant holds the NBA championship and MVP trophies after the Warriors defeated the Cleveland Cavaliers 108-85 in Game 4 of basketball's NBA Finals to win the NBA championship on Friday.


City »

BNP Vice-Chairman Khondkar Mahbub Hossain, among others, at an Iftar and Doa Mahfil organised by Banchharampur Upazila Chhatra-Chhatri Moitree Samity, Dhaka at the Jatiya Press Club on Saturday.


Entertainment »

Raveena Tandon defends her remark on farmers protest


Bollywood star Raveena Tandon on Tuesday justified her stance on farmers' protests and said she never intended the arrest of agitating farmers. The 43-year-old said she was misquoted as all she wanted was the arrest of the anti-social people who "are pretending to be farmers" and throwing the produce."I work ...

International »

Afghan Taliban raise hopes with surprise Eid ceasefire


Reuters, Kabul :The Afghan Taliban on Saturday announced a surprise three-day ceasefire over the Muslim Eid holiday in the middle of June, their first offer of its kind, days after the government declared an unconditional ceasefire of its own.The militants said foreign forces would be excluded from the ceasefire and ...

Editorial »

Budget to make commoners` life harder


The fat and lofty budget that was presented before lawmakers in Parliament on Thursday brought no good news for ordinary citizens and businesses but rather mounted pressure on taxpayers to meet the legendary thrust of corrupt bureaucrats and politicians and lockless state-owned banks' vaults.News media tagged the budget of Tk ...

Football »

Belgium`s Eden Hazard (center) is congratulated by teammate Belgium's Youri Tielemans after he scored his sides second goal during a friendly soccer match between Belgium and Egypt at the King Baudouin stadium in Brussels on Wednesday.


.

Entertainment »

Nipun now-a-days


Sheikh Arif Bulbon :Popular film actress Nipun has been engaged with her own business house, Tulip Nails & Spa for last three years. For this reason, she is not seen frequently to act on the screen. But she has intention to work in big screen if she gets good script. ...

City »

Henna festival held at Jatiya Press Club


UNB, Dhaka :A henna festival arranged by the Jatiya Press Club and Dhakabashi, a local club which works to uphold tradition and cultural heritage, was held at the Jatiya Press Club on Friday ahead of Eid-ul-Fitr.Addressing the programme as the chief guest Food Minister Advocate Qumrul Islam said "The government ...

International »

Trump says he will invite Kim to US if summit goes well


AFP, Washington :US President Donald Trump insisted Thursday he is "very well-prepared" for a historic and potentially fraught summit with Kim Jong Un in five days, while hinting at the signing of a peace treaty and even a future White House visit by the North Korean dictator.Hosting Japanese Prime Minister ...

Cricket »

Steve Rhodes new Head Coach of Bangladesh Cricket team


Sports Reporter :Steve Rhodes has been named new Head Coach of Bangladesh National Cricket team. President of Bangladesh Cricket Board (BCB) Nazmul Hasan finally disclosed this matter on Thursday.The 54-year old English Coach will contract with BCB up to 2020 ICC Twenty20 World Cup. Rhodes is going to take as ...

Entertainment »

Nadia busy with Eid telefilms, serials, TVC


Sheikh Arif Bulbon :Popular model, TV actress and dance artiste Nadia Ahmed is currently busy with the work of Eid special telefilms, serials and modelling on the occasion of the upcoming Eid-ul-Fitr. Nadia has finished modelling for fashion designer Nighat Imam’s Priyali Garden Boutique. She also worked in a TV ...

City »

Family Members of Raju Prodhan and dwellers of Tarabo pourashava of Rupganj upazila formed a human chain in front of the Jatiya Press Club on Thursday in protest against planned killing of Raju in the name of crossfire.


.

International »

Trump hosts Japan PM five days before summit with Kim


AFP, Washington :With less than a week to go before meeting North Korean leader Kim Jong Un, US President Donald Trump plays host Thursday to Japanese Prime Minister Shinzo Abe, who wants his voice heard ahead of the unprecedented talks.Trump and Abe will hold a joint press conference at the ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news