Reducing tax in next budget unlikely: NBR Chief
Business Report :
There is less possibility of reducing individual and corporate tax rates in the upcoming budget for the fiscal 2025-26 said Md. Abdur Rahman Khan, Chairman of the National Board of Revenue (NBR).
“The existing tax, VAT and customs rates will be rationalised along with the automation of the entire revenue management system”.
The NBR chief said this while speaking at a live discussion session titled “Pre-Budget Discussion 2025-26: Private Sector Perspective” organised by DCCI in cooperation with Samakal and Channel 24 at a city hotel on Sunday.
However, he hoped that the existing disparity in the tax rates at different levels would be resolved in the next budget.
In order to continue the economic growth momentum, it is necessary to keep increasing the revenue collection and for this, enhancing tax net as well as easing the overall tax management system across the board is a must, said Taskeen Ahmed, President of Dhaka Chamber of Commerce & Industry (DCCI).
Taskeen Ahmed also demanded competitive fuel pricing in the industrial sector, as well as ensuring uninterrupted gas and power supply for the development of infrastructure and logistics management for strengthening industrialization in Bangladesh.
Former Commerce Minister Amir Khasru Mahmud Chowdhury said the economy will not expand without increasing investment and business growth, but necessary reforms are needed to ensure supportive policies.
Effective and supportive tax policies have to be formulated to ensure investment expansion, where we are lagging far behind, he opined.
Former FBCCI President Abdul Awal Mintoo urged for a business-friendly budget in the context of current geo-political situation.
He underscored the importance of coordination among the revenue and related policies for improvement of the business climate. In order to increase the tax-GDP ratio, he stressed on bringing the non-tax payers on board especially those who have TIN but not paying any taxes.
Former FBCCI President Mir Nasir Hossain said due to budget deficit and contractionary monetary policy, credit flow to the private sector has not reached to the desired level.
He demanded for an inclusive, business friendly, investment friendly, timely and a pragmatic budget for the next fiscal.
Abul Kasem Khan, former President, DCCI said the logistics policy has already been formulated which is a good move indeed, but it is necessary to have a ten-year-long logistic masterplan.
He also said that a strong bond market is needed for long term finance that would help infrastructure sector a sustainable growth. He also suggested making PPP more attractive for long term infrastructure investment.