Staff Reporter :
Commerce Adviser Sheikh Bashir Uddin has emphasised the need for a centralised strategy to enhance VAT and taxes, urging businesses to take proactive steps for national development while honouring the sacrifice of the 2,000 martyrs from the July mass uprising.
Speaking at a seminar titled “Navigating Bangladesh’s Evolving Economic Landscape” held today (25 December) in Chattogram, Bashir Uddin proposed a 50 per cent increase in VAT and taxes to strengthen the nation’s economic foundation.
“Unite as businesses and adopt a resolution to raise VAT and taxes by 50 per cent. This collective effort will drive the country forward,” he said during the event, hosted by the Institute of Cost and Management Accountants of Bangladesh at Radisson Blu Chattogram Bay View.
He further stated, “I have recommended to the NBR chairman to implement a centralised approach. Focus on specific industries, such as steel and ceramics, creating a unified framework. Collaboration and fair competition are essential. It’s time to embrace change and strengthen our identity as citizens.”
Addressing challenges to Foreign Direct Investment (FDI), Bashir Uddin highlighted how excessive tariff rates hinder competitiveness. He also criticised prevalent VAT evasion practices, remarking, “Currently, VAT payments often require manipulated sales figures. A collaborative effort to increase VAT by 50 per cent can eliminate such harmful practices.”
Highlighting ethical concerns in financial management, he cited the laundering of Tk28 lakh crore and questioned the role of financial leaders. “Are company CAs and CFOs not accountable for these discrepancies? Without ethical reform, our efforts will be futile,” he asserted.
The seminar was attended by notable figures, including Commerce Secretary Md Selim Uddin, NBR Chairman Md Abdur Rahman Khan, and BSRM Group Chairman Alihussain Akberali.
