Speaking at a pre-budget discussion, speakers emphasised how crucial it is to increase the nation’s revenue generation to implement the NBR’s reform programmes, improve revenue administration capabilities, fully digitise the revenue collection system, and remove tax exemptions in certain industries.
Additionally, they pointed out that even though the nation’s GDP is growing faster each year, the tax-to-GDP ratio has not yet reached the target level, according to BSS.
At a Pre-Budget Discussion Highlighting Income Tax, VAT, Customs duty, Sector-wise allocation of Budget, external debt, etc. at the ICAB Bhaban in the Kawran Bazar neighbourhood, they made these comments.
Organised by the Institute of Chartered Accountants of Bangladesh (ICAB), former State Minister for Planning Dr. Shamsul Alam spoke as the chief guest presided over by ICAB President Mohammad Forkan Uddin.
Moderated by former ICAB president Md. Humayun Kabir, Dr. Ahsan H Mansur, executive director, Policy Research Institute (PRI), Mohammad Hatem, executive president, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), M Saiful Islam, former president of Metropolitan Chamber of Commerce and Industry (MCCI), Mahbub Ahmed, former senior secretary, Finance Division, were also present.
Abdul Haque, former president, Japan Bangladesh Chamber of Commerce & Industry (JBCCI), former NBR chairman Dr Abdul Mazid, former NBR members M Farid Uddin and Aminur Rahman, Tariff Commission former member Dr Mostafa Abid Khan, ERF president Refayet Ullah Mirdha and former general secretary SM Rashidul Islam, and ICAB CEO Shubhasish Bose spoke, among others, on the occasion.
As the chief guest at the event, Dr. Shamsul Alam stated, “The GDP is growing at a faster rate each year, but the tax-to-GDP ratio cannot be raised. Reforms to the NBR and their execution are necessary to achieve this,” he stated.
He also demanded that the whole tax collection system be made available online.
Restoring macroeconomic stability and controlling inflation should be the primary goals of the upcoming budget, according to renowned economist Ahsan H. Mansur.
Dr. Mansur highlighted various recommendations in this regard and stated that printing notes is not a practical way to control inflation; instead, this practice ought to be discontinued.
The distinguished economist recommended that the government obtain loans from internal resources as well.
