Budget needs to focus on macroeconomic stability, tax net expansion

Experts tell ICSB pre-budget discussion

Published : 19 May 2024 10:16 PM

Experts at a pre-budget meeting stressed to focus on macroeconomic stability and effective measures in widening tax net in the coming national budget.

They also suggested taking strict measures to ensure good governance and restore discipline in the financial sector of the country.

Institute of Chartered Secretaries of Bangladesh (ICSB) organized the event titled “Pre-Budget Discussion: Addressing Economic Challenges” on Saturday at the Auditorium of BIDA, Agargaon in the capital.

Renowned Economists & Former Governor of Bangladesh Bank and Chairperson of Unnayan Shamannay Dr. Atiur Rahman attended the discussion as the Chief Guest while Professor Dr. Muhammad Shahadat Hossain Siddiquee, Department of Economics, University of Dhaka was present as the Special Guest.

While addressing Dr. Atiur Rahman discussed the existing and looming economic challenges and way forward for Bangladesh. 

" For this year the government may be going for a conservative budget. 

We need to focus on stability of macro economics and need to increase the spread of revenue collection and it should be digitized. Also vital sectors like education and health need to get due attention", Atiur added.

He said to increase the special incentive for agriculture and mentioned that our Prime Minister always says that we do not give subsidy to agriculture but it is an investment.  

Sabbir Ahmed FCA, Managing Partner, Ahmed Sheikh Roy & Co., Chartered Accountants presented a keynote paper on "Pre-Budget Discussion: Addressing Economic Challenges".

Mohammad Asad Ullah FCS, President of ICSB delivered the welcome speech, while M Nurul Alam, Senior Vice Presidentand Chairman of the Seminar and ConferenceSub-Committeeof ICSB chairedthe session. 

Special Guest Professor Dr. Muhammad Shahad at Hossain Siddiquee suggested to reduce at least 20% of informal foreign transaction. Government should take corrective measures to stabilize our fiscal policy. 

Speakers mentioned tightening the control of inflation and undertaking strong measures to reduce the rising cost of essentials, fiscal and financial measures for clean energy, protecting public health, incentivizing education and environment. 

During the discussion, M Nurul Alam FCS, Senior Vice President of ICSB stated that the world economy is unstable and in crisis following the COVID-19 pandemic, Russia-Ukraine war and Israel-Palestine war. 

Sabbir Ahmed FCA, Managing Partner of Ahmed Sheikh Roy & Co., Chartered Accountants presented a Keynote Paper on "Pre-Budget Discussion: Addressing Economic Challenges".