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Bangladesh prioritizes local industries in next budget

National Board of Revenue, NBR, Economic Reporters Forum

Economy

Bangladesh prioritizes local industries in next budget

National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem said that they want to give emphasis on the local industries in the next budget to strengthen the domestic economy.

“The revenue board is working to determine the ways to give support and identify the sectors to increase the local productivity and reduce dependency on others,” he said.

Muneem was speaking at a pre-budget meeting for the next fiscal year (FY22) with the members of Economic Reporters Forum (ERF). The meeting was held virtually.

Mentioning that the NBR wants to support the local industries to boost their operations and productivity, he said, “We’re looking into the matter to make dynamic the domestic economy by giving support in which areas as well as we’re also looking forward to increase productivity of various products.”

Listing various initiatives to increase revenue collection, Muneem said that the NBR is going to associate with the public and private enterprises to bring the potential individuals under the tax net.

While placing a set of budget proposals, ERF president Sharmin Rinvy suggested raising the tax-free income limit of the individual taxpayers to Taka 4 lakh.

ERF general secretary SM Rashedul Islam suggested the NBR to take necessary preparations to face the future challenges as the UN CDP has made its final recommendations for Bangladesh’s graduation from the LDC status.

The ERF leaders in the meeting said Bangladesh would have to go for signing more Preferential Trade Agreements and Free Trade Agreements as the duty-free facility would go away in the future. For this, the NBR would have to take necessary preparations from now on to face the future challenges, they added.

Apart from this, the ERF leaders suggested making dynamic the reform initiatives to collect more revenues, addressing the tax related complexities to attract more investment, forming public-private tax committees and holding meetings in every quarter to review the decisions on revenue collection.

Besides, the ERF suggested the NBR to monitor whether the targeted beneficiaries are enjoying the revenue facilities, forming a separate wing to analyze the impact of the revenue related decisions on the concerned stakeholders, only to allow the provision for whitening the legally earned undisclosed money through giving tax and fine.

The ERF leaders also demanded of the government to start the budget session in parliament in the morning instead of evening.

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Contents published under this byline are those created by the news team of WeeklyBlitz

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