National Board of Revenue (NBR) of Bangladesh has reportedly assured the foreign investors that the country would become consistent enough in creating its fiscal policy, which has been so far the biggest matter of concern for the overseas investors in Bangladesh.
“The Government will prepare a business-friendly policy in consultation with leading businessmen in a bid to ensure the sustainable business and investment inflow into the country,” said Md Mosharraf Hossain Bhuiyan, Chairman of NBR while addressing as Chief Guest at a luncheon meeting on February 28, 2018.
The Foreign Investors’ Chamber of Commerce and Industry (FICCI) Bangladesh organised the programme at Westin Hotel in the capital, Dhaka where the overseas investors expressed their concerns over the inconsistent and unpredictable fiscal policy of Bangladesh.
The investors also raised the questions about the corporate tax rate in Bangladesh comparing with the competitors country like Vietnam, Cambodia, Sri Lanka and Myanmar where the corporate tax ranges from 20-28 per cent, while Bangladesh charges it 25-35 per cent.
At the programme, the FICCI leaders called for long-term fiscal measures citing that the pragmatic, predictable and implicating fiscal policy could eliminate anxiety over FDI.
The NBR Chairman, however, assures the FICCI leaders that their suggestions and recommendations will be incorporated in the next budget preparation meeting.
“Businessmen are very important to us and we will continue to discuss with you as well as domestic producers so that we can have a business-friendly fiscal policy in the coming years,’ Mosharraf said.
However, Bangladesh has been planning to attract US $ 50 billion FDI by the end of 2021 to various sectors including its biggest revenue generator readymade garment industry. According to the Bangladesh Bank statistics, Bangladesh’s textile & readymade garment sector received US $ 396 million FDI alone in the recently concluded fiscal year which is 11 per cent higher than the same period of the previous year.