The American Chamber of Commerce in Bangladesh (AmCham) in a reaction to the proposed budget on Thursday demanded reforms in the National Board of Revenue (NBR) and change in the decades-old customs law to make it contemporary.
They are also against the provision of whitening black money.
AmCham President Syed Ershad Ahmed said, “We strongly recommend the National Board of Revenue (NBR) should have two separate wings one for Policy formulation and other for Policy implementation. We suggest reduction of discretionary power of field officials to boost confidence of investors and businesses at the same time to focus more on expanding Tax net.”
On customs law, he said, the Customs Act, 1969 “needs to be modernised with the launch of provision for full implementation of Revised Kyoto Convention, introduction of World Customs Organization (WCO) SAFE Framework of Standards.”
The proposed budget for FY 2021-22 is focused on saving lives while creating more avenues for livelihoods to cope with the fallout by pandemic.
“Against such a backdrop, we recommend focusing on crisis management, prioritising spending on health, education, enhancing social protection and building on the resilience demonstrated by the agriculture sector, alongside we expect immediate support for MSMEs, government infrastructure developments, air-ocean transport business that may face serious consequences days ahead to attract foreign direct investment (FDI),” the AmCham President said.
He emphasises on key procedural matters to the proposed budget in following notes:
Health system development: The 8th Five-Year Plan emphasises the importance of rapid response to COVID-19 and the capacity of Bangladesh's health sector. We appreciate the additional (ten thousand Crores taka) allocation ; however, expect proper utilization, transparency, adequate governance & utilization of the allocated funds to ensure economic growth and the vision of Honorable PM.
Food security & Agricultural allocation: No significant economic growth is conceivable without a sustained agricultural growth and food safety. Hence, this sector must receive more subsidies and incentives ensuring food security and employment generation. We appreciate the reduction of the price of Agriculture equipment and hybrid vehicles.
Employment generation & Poverty reduction: Disruption and discontinuation of businesses, created unemployment and increased level of poverty that calls for establishing a robust social safety net system. The government should double the allocation to these sectors to counter poverty and income inequality.
Education system: We request a special package considering the adverse conditions faced by education institutions in Bangladesh to enhance the quality of primary and secondary systems to cope up with the pace of the contemporary age.
NBR Reforms: We strongly recommend the National Board of Revenue (NBR) should have two separate wings one for Policy formulation and other for Policy implementation. We suggest reduction of discretionary power of field officials to boost confidence of investors and businesses at the same time to focus more on expanding the Tax net.
