Change in taxpayers’ mindset vital to boost taxes

For an inclusive development of the country revenue generation is more important. Taxpayers have to change their mindset to pay tax and build the nation. 

Private Industry and Investment Adviser to the Prime Minister Salman F. Rahman made this comment while president of Dhaka Chamber of Commerce and Industry (DCCI) RizwanRahman along with the Board of Directors paying a courtesy call on Thursday. 

He said that, “The tax-GDP ratio in Bangladesh is relatively low in the South Asian region which we need to increase. In the last fiscal NBR could able to bring 55 thousand new tax payers in the net but still we have to widen the tax net more”. 

“The government is also working to upgrade and modernize the overall revenue structure in the country. Third terminal at the Shahjalal International Airport is being constructed and government has also a plan to upgrade the Cox’s Bazar Airport to make it as an international standard airport in the country soon to fetch more investment”, he added. 

DCCI President Rizwan Rahman said that, “In the Post- LDC era, to get the GSP plus facility for exporting into EU market, Bangladesh has to fulfill 27 conventions. He therefore proposed to form a ‘National Strategy Committee’ engaging all stakeholders and map the preparedness roles, time-bound actions for all relevant agencies”.

He also urged for an effective introduction of integrated OSS with skilled human resources from all relevant service delivery agencies to make the investors feel that business process is easy and simple. Moreover, OSS of BIDA needs coordination with all service agencies and inter-operability with OSS of BEZA, National Single Window and Bangladesh Hi-Tech Park Authority.

He also said that, “Global Foreign Direct Investment fell by 40 percent to US$1 trillion due to COVID-19 in FY2019-20. FDI net inflow in FY2019-20 was US$2.37 billion recording 39.1percent negative growth though the FDI was US$3.6 billion in 2018. A national strategy needs to be developed for FDI promotion and the national FDI strategy needs to be aligned with the industrial policy, export policy, foreign exchange regulations, import policy and other Government strategies”. 

The companies act sets the capital limit of TK. 2.5 million and sales transaction valued TK. 1 crore to register an OPC business which needs to be rationally relaxed to encourage new and potential small start-up registration, he further suggested. This provision will also enhance investment net, tax net of Government, employment and GDP base.