Budget Expectations (The Daily star,,,,02.06.2018)
Job creation has become imperative given the rising unemployment among graduates and a sizeable young demographic.
But those who are supposed to create the much-needed jobs, the business community, through investment laments the lack of a conducive business climate and good governance, found a quick survey by The Daily Star to gauge the expectations of the business community from the budget for fiscal 2018-19.
We interviewed 37 top businesspeople from different sectors, economists, chief executives of banks and chartered accountants.
The budget, scheduled to be announced on June 7, comes when the economy is hamstrung by rising bank interests, depreciation of taka, ailing banking sector, a rise in the cost of doing business and inflation.
Majority of the survey respondents said the soaring interest rates will affect businesses negatively next year and a commission is needed to crack the whip on banks.
As high as 65 percent respondents were against recapitalising state-owned banks every year with hard-earned taxpayers' money.
Nearly 90 percent respondents said the tax-free income ceiling should be raised from existing Tk 2.5 lakh and automatically adjusted with inflation every year.
They also believe that the corporate tax rate is too high in Bangladesh and it needs to be brought down for higher investment.