More coordination among investment promotion bodies needed
Pre-budget discussion suggests that the investment promotion bodies of the government should work in a coordinated way to boost investments in the country.
Chiefs of these bodies said this during a pre-budget meeting with the NBR yesterday. They said attracting investments should given priority in framing any policy as investments are urgently needed for ensuring sustainable development in the country.
Chaired by National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan, the meeting was attended by Bangladesh Investment Development Authority (BIDA) executive chairman Kazi M Aminul Islam, Bangladesh Economic Zones Authority (BEZA) executive chairman Paban Chowdhury and Bangladesh Hi-tech Park Authority managing director Hosne Ara Begum.
Kazi M Aminul Islam said NBR is not only an organization to mobilize revenue, it plays crucial role in determining trend and nature of development of the country. So, the national budget should be prepared in such a way that the country can achieve maximum investments for development, he added.
He said the tax rate is comparatively high in Bangladesh but collection rate is low. The tax-GDP ratio is the lowest in Bangladesh among South Asian countries, he added. The BIDA executive chairman suggested lowering the corporate tax. Paban Chowdhury emphasized on creating favourable environment for investment.
Hosne Ara Begum said the NBR has offered many facilities for investments in hi-tech parks. But still there are some problems which will have to be solved for attracting investments, she added.
Chairman of BUILD Mahbubul Alam suggested bringing change in existing tax policy so that more people and establishment can be brought under tax net.
He made 41 proposals about income tax, 49 proposals about customs and 20 proposals about VAT. NBR chairman Mosharraf Hossain Bhuiyan said the size of the upcoming budget will be large and the revenue earning target will be expanded.
Source: https://dailyasianage.com