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Budget, critics and criticisms June 27, 2007

Posted by bdoza in BANGLADESH, Budget, ECONOMY.
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The draft budget has been handed over to the President by the Finance Adviser Mr. Azizul Islam.

He placed the Budget to the nation first over TV and Radio and it was published in the internet immediately after the placement in the TV.

For comments and suggestions from the public and the experts time was given for a week which was extended for few more days.

This year Budget specially created healthy debate among the experts as well as in the public.

 

Probably this is the first time we have seen so much enthusiasm among the public. All section of people ranging from businessmen, economists, technologist, professionals all participated in the discussion. Special discussions were also arranged among the farmers by Mr. Shayekh Siraj of Channel ‘I’ where the Agriculturel Adviser along with other experts were present.

TV channels arranged discussions and Printing Media published many articles on the issue.

The ordinary citizen also took interest in the budget and followed some of the discussions and read few articles.

Though the budget was in general acclaimed by many but specially the economists didn’t remark much positively.

One common remark is that this budget is not an exceptional but mere a conventional budget. As if by a single budget one would create a revolution! We rather accepted the negative remark as its positive strength. We are pleased that it is a conventional and pragmatic budget. At this stage of our country, pragmatism is more necessary than so called revolutionary thinking.

The other criticism is that in budget there is no measure to control the price. This criticisms also came from the Economist and their Society. We are not sure whether it is the official comment of the society or it is the comment of one or two of the office bearer. The latter may be true. But we know that in the budget there are multiple measures including withdrawal of taxes from the essential commodities.

The business community appreciated the budget but at times many of them expressed their concern for lack of protection of the local industries. The Finance advisor tried to give answer to their concern.

The Computer Technology -IT business sector also voiced their concern over the tax imposed on the computer and ita accessories. Finance Advise opined that he will consider the issue though he also said that the taxes will have no adverse effect on the computer market.

The professionals especially doctors felt concern regarding the VAT imposed on them. I have gone through an article written by Dr. Shafiqul Islam in Prothom Alo in this regard. Budget proposed the measure to decrease the harassment by the tax office. Introduction of VAT may increase the collection of taxes from the professionals but hope that it will decrease the humiliation of the professionals regarding tax payment.

On the one hand Govt is to increase the Revenue earnings , on the other hand it also required to address the concern of the people and the community.

In addition to increase of the taxes, Govt should also consider ways to decrease the Revenue Expenditure and dependence on the foreign loans for our ADP. They should also consider the gradual introduction of e-governance in state machinery to improve the efficacy of Governance.

Bdoza

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