Finance Minister AMA Muhith on Monday set a target of raising the country's income by 2.0 percentage points every year to achieve the status of developed country by 2040.
The country has already raised its national income by up to 1.7 percentage point in some of the years, he said while speaking at a tax card-awarding ceremony at a city hotel.
"It is not impossible if we try. It could be set as the target for next 10 to 15 years," he added.
Although it is an overambitious target to achieve the status by 2040, he said, the country's growth scenario has showed the light of hope.
The finance minister said the country's budget size is small compared to that of national resources.
It is 15-16 per cent of the country's average resources while other countries have 24-28 per cent, he said.
"We had tried to escalate it to 23-24 per cent in the last five years to meet the public demand, but it could not be done."
Large budget helps to increase allocation but the government has to work hard if it does not match the country's context, Mr Muhith said.
"We have been facing these difficulties over years," he added.
The finance minister handed over 202 tax cards to highest taxpayers including banks, financial institutions, leather industries, businessmen, media houses, journalists, artistes, players and singers under different categories.
NBR member (tax administration and human resources development) Ziauddin Mahmood said some 141 taxpayers have been selected for national level tax cards in 36 categories.
"We have a plan to offer some privileges in the new areas for the tax cardholders," he said.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Shafiul Islam Mohiuddin said tax net should be widened to ease tax burden on existing taxpayers.
Direct tax collection needs to be increased to ensure social justice, he said.
The tax administration should be transparent and free from harassment, he added.
Talking to the FE, Nargis Sultana, who topped the list of female taxpayers in the Dhaka City Corporation, said recognition will encourage taxpayers to pay more tax.
"Tax payment is a responsibility of a citizen. But taxpayers' money should be spent efficiently and in a transparent way," she said.
Top female taxpayers' money could be spent for distressed and underprivileged women, she added.
Chief Executive Officer of Standard Chartered Bank Naser Ezaz said the government should widen the tax net and cut corporate tax rate gradually.
There should be a roadmap to bring down corporate tax rates, he added.
Renowned singer Runa Laila said top taxpayers should get status as like as Commercially Important Persons (CIPs).
"The privileges for top taxpayers should be widened so that more people may feel encouraged to come under tax net," she said.
A total of 656 taxpayers across the country received tax cards for their highest and long-term payment of tax on Monday.
Tax cardholders enjoy some privileges including priority in government hospital, booking in bus and train tickets, invitation to the state programmes etc.
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