President Iajuddin Ahmed has approved the budget for fiscal 2007-08 without changing duty slabs on import of raw materials and capital machineries, the National Board of Revenue chairman said Thursday.
However importers of raw materials and capital machineries will be given benefits through a statutory regulatory order (SRO). The government has proposed the introduction of duty slabs at 10 percent, 15 percent and 25 percent instead of the existing 5 percent, 12 percent and 25 percent causing concern for businesses who say local industry will be hit hard by the move to increase duty.
Accompanied by Finance Secretary Mohammad Tareq and National Board of Revenue (NBR) Chairman Badiur Rahman, Mirza Azizul Islam went to the Bangabhaban on Thursday afternoon for the president's approval to the financial plan.
Now that no parliament is in place, the budget will come into effect on July 1 through an ordinance under section 93 (1) of the constitution. Earlier it was approved by the council of advisors at a special meeting on Wednesday.