National Budget in the evolving graduation of Bangladesh
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08 May 2018
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12:30 pm
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Pan Pacific Sonargaon Hotel, Dhaka
MAY Luncheon – “National Budget in the evolving graduation of Bangladesh from a Least Developed Country to a Developing country”
Guest of Honor and Speaker: Mr. Md. Mosharraf Hossain Bhuiyan, NDC, Chairman of National Board of Revenue (NBR), Ministry of Finance & Senior Secretary, Internal Resources Division.
AmCham president Md Nurul Islam chaired the meeting and delivered welcome speech in the meeting. The president proposed reducing corporate tax rates, devising favorable policy to attract foreign direct investment (FDI), ensuring enabling environment for investors, improving infrastructure and strengthening public-private initiative.
The Guest of Honor and NBR chairman, Md Mosharraf Hossain Bhuiyan, in his remarks said Bangladesh has no alternative to increase local and foreign investments to be a developed nation finally. The government is encouraging foreign investment to strengthen industrialization, he said, adding that the NBR is planning to take some positives steps in this regard during preparing the next budget. There will be endeavors in the upcoming budget for fiscal year 2018-19 to expand tax net to boost revenue earnings instead of increasing tax rates, he added.
“Incentives affect revenue earnings yet we are thinking that if incentives are given, investment will increase that will create jobs, help expand exports. Overall trade and industrialization get expedited,” said Mr. Bhuiyan while speaking at the luncheon. The NBR plans to fully automate the tax collection system by making use of electronic cash register (ECR) mandatory for businesses in a year, its chief said. The use of the cash register was made mandatory in 2007 and 2008, but there was laxity, he said. “We have to raise the tax-to-GDP ratio to attain higher economic growth.” In the next fiscal year, an additional Tk 70,000 crore would be needed to implement the budget, he said. The NBR chief called for raising the contribution of the industrial sector to 35 % from the current 29 %.
AmCham vice-president Shadab Ahmed Khan delivered vote of thanks at the program. A good number of AmCham members, foreign dignitaries and other distinguished guests attended the meeting.
