New measures may lead to an investment friendly private sector
The Jatiya Sangsad (JS) passed the national budget for FY19 where new measures such as VAT reduction as well as exemption for several products, lower import duties etc have been mentioned. Experts believe that these measures will help create a more investment friendly private sector and eventually help the country’s economy to grow.
What is encouraging to note here is the fact that in order to discourage import and help the domestic industry, import duty on bulk filled milk powder has been increased to 25 percent. Regulatory duty of double cabin pick-up has been lowered to 20 percent. On the other hand, the 10 percent supplementary duty on filament bulbs has also been removed.
VAT reduction on internet services will lead to high growths in internet based businesses.
Moreover, it will also help those who use internet for large scale export and call centre services. Software engineers too will benefit from the new measures. The new budget includes eased tax measures which will boost our local industries and help our labor force.
It needs to be said that if the new budget can increase investment in the private sector, it can also increase employment, create more jobs and help industries to flourish. Once implemented to its full potential, the large scale budget which is expected to aid in achieving a 7.8 percent GDP growth will also become more rewarding for the economy.