Staff Reporter :
Senior Advocate Shah Md Khasruzzaman, President of Bangladesh National Lawyers Association and member of the Bar Council, has called for a practical new strategy to increase revenue collection without leaving the government in trouble by increasing VAT, customs and income tax rates.
He made this call in a statement given to media on Sunday. Bangladesh National Lawyers’ Association is a non-partisan federation of all bar associations in the country.
In a statement, he said, with a view to strengthening the economy by repatriating huge amounts of money laundered abroad, the National Board of Revenue should announce the ‘Free Investment Policy’ to abolish taxation on money invested in any business.
And by immediately opening up all types of businesses for the current year, it may become completely impossible for the government to reduce commodity price inflation without giving this opportunity to traders, the statement added.
By abolishing taxes on the new capital invested in all types of businesses in the country and giving opportunities to local businessmen like foreign investors, if all businesses are freed, the country’s imports, exports and production will increase and all businesses will return to normal speed.
As a result, money smuggled abroad will get the opportunity to invest in the country as new capital without tax and this money will be connected to the money market of the country and money crisis and dollar crisis will be reduced in the currency market.
Khasruzzaman said if the Revenue Board immediately sets up a tax office in each upazila and starts the system of collection of revenue from the businessmen from nearly 1 lakh villages of the country, the deficit of the government’s budget for the financial year will be filled. He demanded that the decision to increase revenue by increasing VAT, duty is completely unrealistic and ineffective in the economic context of the country and it should be withdrawn immediately.
