Planning Minister MA Mannan on Saturday said that necessary reforms are needed in the National Board of Revenue (NBR) for ensuring trade facilitation. "Reforms in the National Board of Revenue (NBR) are very much necessary. Despite various problems, the government has unleashed many visible development works over the last 10 years as per our expectations," he said.
The Planning Minister said this while addressing a roundtable discussion Titled "Macro Economy: Expectations in budget for fiscal year 2022-23" as the chief guest organized jointly by the Institute of Chartered Accountants of
Bangladesh (ICAB) and the Economic Reporters' Forum (ERF) held at the ICAB Bhaban in the capital today. ICAB President Shahadat Hossain presided over the discussion.
During the discussion, businessmen, economists and chartered accountants across the table discussed in detail on various issues including bringing reforms in the revenue system, reducing the corporate tax rates, the possible
measures in the wake of COVID-19 fall out and the war between Russia and Ukraine, taking necessary preparations for facing the challenges of post LDC graduation period, flourishment of the SME sector, ensuring optimum use of public expenditure, and giving budgetary allocations on priority basis.
At the very outset of the meeting, the ICAB President said although the country is moving ahead, but inequality is also growing due to the indirect tax. He also suggested for mobilizing more foreign loans instead of
generating more direct tax and domestic loans. Shahadat also advocated for banking more on automated revenue system,
ensuring optimum utilization of taxes, increasing allocations in the social safety net programmes and ensuring its distribution. Former caretaker government adviser and executive director for campaign for popular education Rasheda K Chowdhury said that reforms are needed in making investments from the budget. "Full-fledged budget should have to be given in
the education sector. Father of the Nation had nationalized the primary education in the war-ravaged country after independence. The GDP size of the
country was then only $14 billion. Then why the secondary education will not be nationalized with the current GDP size of $400 billion?"
Executive director of Policy Research Institute (PRI) Dr Ahsan H Mansur said that the recovery from the pandemic is good, but far-sighted steps are needed considering the global scenario. Since the import costs have increased, he said the government would have to remain alert on utilizing the foreign currency reserves.
