Budget: It's all about people and economy
Wednesday, 12 March 2008
Abu Sayed Md. Shaykhul Islam, FCMA
THE National Board of Revenue (NBR) has started its works for the preparation of the national budget for the next fiscal. Over the last one year, we have seen many changes in our national life. The nation is now passing through a period of the state of emergency under a neutral caretaker government. In order to bring the country's politics on the right track, the present government has given more emphasis on transparency, accountability and good governance. Anti-corruption drive is on. This is also a pre condition for both socio-economic growth of a country. The preparation of voter identity card is underway and this will be a milestone for establishing real democracy, discipline and law and order in our national life.
Due to various domestic and international factors, inflation continues to hit the common people. Food grain price-hike has become a headache for the caretaker government. Edible oil price is increasing day by day in the international market, which is adversely effecting our economy.
In the current fiscal, business and money movements are yet to get the desired momentum. New job opportunities are also not being created. If such a scenario continues, the national economy will face very hard time in the near future and the government's revenue income will go down.
But for the desired socio-economic development of the country, there is no other way but to increase the revenue income of the government. Human resources and infrastructure developments should be continued for the sake of sustainable growth. Good governance and law & order situation should be improved to facilitate business, investments and industrialisation. A huge amount of money is required for doing all these things and the government earns this money by taxing its citizens. On the other hand, the tax payers also expect the government to take care of them providing socio-economic security and safety.
In view of the above, the national budget 2008-09 is very important for the nation. The budget should be prepared very intelligently in such a fashion so that the government's revenue is increased on one hand and the common people get benefit from the budget, on the other. The budget will be people oriented, if it helps create more employment opportunities and bring momentum in the money market and business. At the same time, prices of essentials should also remain under tolerable limit, for the common people. The budget should encourage private investments and acceleration of both local and foreign funds in the country. So, the budget for next fiscal should aim to recharge our economic activities, increase the purchasing power of the people and expand the tax net without increasing the tax rate.
There is no denying that the revenue earnings of the government for the coming fiscals should be increased not to raise public expenditure but to develop the economy itself. The total revenue income of the government can be increased by identifying new tax payers. The NBR should take fresh attempt to stop tax evasion without creating any panic in the society. Each individual and business house, falling in the category of taxable income groups, should be brought under the tax net in a well planned way. Desired tax should be collected very intelligently by motivating and educating the people. In order to prevent tax avoidance by business houses, the submission of tax accounts and VAT accounts may made mandatory, along with tax return. Reconciliation of tax and VAT accounts will certainly increase tax collections. Since the accounts for the purpose of income tax are audited by the Chartered Accountants, the VAT accounts may be audited by Cost and Management Accountants for cross checking. This will ensure transparency. However, low income groups should not suffer due to the tax collection drive. The scarcity of jobs has pushed our young generation to be self employed through small grocery shops and businesses. They are often harassed by tax inspectors. These groups may be kept out of tax net. Retired senior citizens, if they do not have any other income, should be kept out of the tax net. Professionals who do not have prasticing license should be kept out of tax net, if they do not have any other income.
While collecting tax, the policy makers should keep it in mind that the government is the guardian of its people. It has to ensure equal treatment to all its citizens and protect the interest of the common people. The people engaged in tax collection should not be given discretionary power to harass the people; rather they should work under legal framework. Transparency and accountability for both tax payers and tax collectors should be ensured. Food, clothing, shelter, education and health care etc., are the basic needs for human life. So, allout efforts should be made by the government to keep the prices of all commodities related to such basic needs within the purchasing power of the common people. Otherwise, the real income of our people will go down.
The national economy will move towards a positive direction, if the people can purchase more, which, in turn, will help increase gross domestic product(GDP). With the increase of GDP, the government's earning will also be increased. This is a cycle and the NBR has a major role to speed up this cycle.
Job and employment opportunities will be increased, if both domestic and foreign private investments are increased. At the end of the day, we have to give jobs, promote businesses and create income earning opportunities for the people. Essential commodities must be provided at their affordable means. The budget has a lot of things to do in this regard because it is not only the weapon to collect tax but it also reflects the political and economic philosophy of a government on which the citizens and both local and foreign private investors can rely.
The national budget in Bangladesh is normally prepared under a traditional approach without offering due services to the valued tax payers. It normally targets the earnings of the government without having any long-term economic vision. It is time to change this trend. The tax payers also must feel that they are getting due services from the government. Government's earnings are required not only to run the government but also to ensure the availability of the desired infrastructural services as well as to promote human resources development. Changing the lot of the people and economic development should be the main target of the budget.
Budget must be people oriented and it must have the qualitative elements to push the national economy into a positive direction so that by next ten years Bangladesh can turn into a middle-income country. For this purpose, the market economy experts, business community and professionals may be involved in the budget planning process, shunning the traditional narrow and bureaucratic approach. The budget should have an economic vision to break the vicious cycle of poverty. This can be done by rapid industrialisation and, for this, tax incentives to new industries may be continued and if possible, may be increased. Tax and fiscal incentives to labour intensive and employment-generating businesses and industries may further be continued. At the end of the day, the common people must be made happy and the economy should move towards a positive growth path. Per capita income of the people should go up and the prices of essentials should remain within the buying capacity of the citizens.
In order to establish transparency, accountability, rule of law and social justice, the anti corruption drive should be continued, but this should be done by Anti-Corruption Commission and law enforcing agencies, not by the NBR. Money laundering matters should also be dealt by the Bangladesh Bank and law enforcing agencies and not by others. It would be better, if the NBR remains out of such activities; rather it should work for increasing government's, income on one hand, and boosting the national economy, on the other. The policy-makers may consider that money is money. It has no nationality, religion or permanent address. Water goes to the slope area and money goes to the safe area. In our budget philosophy, Bangladesh should be made a safe country for money mobilisation. As such, allout efforts may be made for bringing momentum in the money market. Attraction of foreign funds will not be very difficult, if the investors feel that their lives, money and properties are safe in Bangladesh. Under the present global economic scenario, efforts may be made to bring the undeclared money to the mainstream of the economy. Only terrorists' and drug traffickers' money transfers in Bangladesh must not be allowed in any way because such money will not bring any thing good to our economy; rather those money will obstruct our social and economic progress.
Tax collection in India in the last fiscal year was very much encouraging and this has happened due to more emphasis on given to people's welfare programmes and related expenditures. Tax collection drive in Bangladesh should also be strengthened under a modern approach by giving more importance to people-oriented programmes. There is no alternative but to create a tax payment culture in the country. A fresh programme may, therefore, be taken to educate and motivate people to pay tax without any complicity. Submission of individual's tax return under self assessment should made very simple and if possible, individuals may be allowed to deposit the declared tax money along with return through any designated bank. Tax authority may collect the same from banks and then scrutinise and take necessary actions where required. Tax returns under self assessment may also be audited by the NBR's enlisted professional auditors for ensuring transparency. This will reduce the work burden of the NBR. The NBR maly also motivate the tax payers by honouring them in the society, giving 'Special Social Status Card".
Tax collection may be increased by increasing taxes and duties on the items normally used by the rich people and upper class of the society. The government may earn more revenues from items like imported perfume, cosmetics, soaps, marblestone, sanitary items, furniture, colour television sets having screen more than 56 inches, spectacle frames, show pieces, shoes, bags and motor cars, jeeps having power more than 2000 CC etc. Apart from these, taxes on cigarettes, alcohol, wines and luxury items may also be increased. English medium private schools, colleges, universities and non-government organisation (NGOs) doing businesses may also be brought under the tax net. Tax collection drive should be strengthened in the sub-urban also.
Social justice may be ensured showing sympathy to the common people and low income groups. As such, taxes and duties may be reduced on items like locally produced soap, detergent powder, plastic goods, paints, ceramic tiles, medicines, food items radio, televisions, electronic items, baby-foods, onions and edible oils, Hawai chappal, shoes, bags, skincare lotion shampoos, both newsprint and white print papers, book printing materials, education materials, both local and imported construction materials for housing, registration fees on property transfer and gift tax rate.
After the shock in 1996, our capital market still remains shaky, which is not a good sign for capital formation as well as for rapid industrialisation. Small savings are to be accumulated through capital market to facilitate big investments in the country. For this purpose, private entrepreneurs, particularly multinational companies doing businesses in Bangladesh may be encouraged to go for public issues by increasing the gap of tax rate between private and public limited companies. Income of banks and financial institutions are almost certain. So, their tax rate may remain unchanged. However, special tax rebate may be allowed to those who give agriculture, housing and small and medium enterprise(SME) loans. Multinational banks' tax rate should be more than the local private banks. However, they may be allowed to enjoy same tax rate, if they issue shares to general public. Private mobile phone companies' tax rate should be higher than that of other private companies. However, they may be allowed to the enjoy same tax rate, if they issue shares to general public
Farmers and growing middle class are the life-blood of an agro-based economy like Bangladesh. As such, the budget should give more emphasis on agriculture, education and industrialisation. So, budget allocation should be increased in following sectors:
Agriculture: Agriculture is the backbone of the Bangladesh economy. Rice is the principle food crop of Bangladeshis. We do not have any other option but to increase production of rice and other agro-food items. The country now needs a safety stock of rice, wheat meal, flour and other essential food items. So, maximum support should be given to agriculture sector in the form of tax incentives, subsidy, etc., and these may be increased for the items like seeds, fertiliser, agriculture equipments. The prices of petroleum, power, fertiliser etc., have a major role on the prices of food and essential items. So, subsidy should be continued for these items in the next fiscal. Transport sector also plays important role in price-hike and as such, this sector may be given special tax incentives.
Human Resource Development: Human resource is the best resource for developing the national economy. So, both formal and informal education should be given top priority in the budget. Budget allocation may be increased for education related to science, technology, business and industrial development.
Infrastructure Development: Rapid industrialisation and business developments need proper infrastructural support facilities. This, in turn, will speed up the process of industrialisation, expand businesses and develop the national economy itself. So, road, river and rail communications should be further improved giving adequate allocation under the budget. Power generation and gas distribution network for mills and factories also need enhanced budgetary allocation. The allocation of funds under the Annual Development Programmes(ADP) should be made, keeping the specific needs for socio-economic development of the country in mind and avoiding petty political interests.
Health Care: The Bangladesh economy is largely agro-based; but the rural people do not get proper health services from the government. Budget allocation may be increased to set up new rural health care centres.
Public security, safety and law & order: The economy is safe if the tax payers' lives and properties are safe. The proposed budget for the next fiscal should have special focus on social and economic security issues. So, law enforcing agencies should be strengthened and given modern equipment and automated computer systems for giving quick services to the citizens. In this regard, budgetary allocation should be increased for facilitating computerisation and providing necessary training to the security personnel.
Bangladesh's history, culture and natural beauty, particularly that of Cox's Bazar and Chittagong, can be a sizeable source of tourism income. This can strengthen our national economy. As such, the budget may announce special tax incentives for the desired growth of tourism sector. In the long run, it will help increase tax collections. Tax incentives may also be increased for the least developed areas of the country to encourage investment there. This may be done by announcing territorial tax policy, i.e. different tax rates and tax incentives for different parts of the country. Tax holiday for a longer period may be announced for the northern belt of the country.
It is to be realised that when prices of foods and essentials go up, the real income of people goes down and as such, individual's taxable income should be revised every year in line with the rate of inflation. In the new budget of India, the minimum taxable income for individual has been fixed at Indian Rupees 1,50,000 which is equivalent to Bangladeshi Taka 2,50,000. Since, India is our neighbouring country, our government may also think to increase the minimum tax slab to Taka 200,000, at the least. With a view to motivating as well as bringing more people under the tax net, penalty u/s 124 for submission of the delayed tax return may be waived for the particular fiscal year 2008-09. However, punitive actions may be taken in the subsequent years. It is reported that tax demands involving more than Taka 5.0 billion have been blocked by writ petitions in the High Court. In order to avoid such stuckup cases, the NBR may expand the scope of section 82© for collection of taxes at sources as more as possible.
During the currency crisis in South East Asia, the then Prime Minister of Malaysia told, " The press is asking questions. I'm answering and tomorrow the currency traders will try and push down the Ringgit just because Dr. mahathir has opened his mouth." We have experienced the same thing in Bangladesh in the last year. It is true that the tax collection performance is good in the current fiscal but this has come mainly creating a panic among the tax payers. In the long run, such actions and techniques will have adverse effects on the economy as a whole. So, it is suggested that the NBR officials should work silently keeping their targets in mind. The NBR personnel should speak less through both the print and electronic media. However, they may talk to the media only to educate and motivate the people for creating a tax paying culture and encouraging private investments. This will, in turn, help increase government's earnings.
The writer is Secretary of The Institute of Cost and Management Accountants of Bangladesh (ICMAB). He is a professional Cost & Management Accountant and Auditor. He is also a member of the Institute of Internal Auditors, Institute of Management Consultants, Bangladesh and the Institute of Management Accountants, New Jersey, USA.
THE National Board of Revenue (NBR) has started its works for the preparation of the national budget for the next fiscal. Over the last one year, we have seen many changes in our national life. The nation is now passing through a period of the state of emergency under a neutral caretaker government. In order to bring the country's politics on the right track, the present government has given more emphasis on transparency, accountability and good governance. Anti-corruption drive is on. This is also a pre condition for both socio-economic growth of a country. The preparation of voter identity card is underway and this will be a milestone for establishing real democracy, discipline and law and order in our national life.
Due to various domestic and international factors, inflation continues to hit the common people. Food grain price-hike has become a headache for the caretaker government. Edible oil price is increasing day by day in the international market, which is adversely effecting our economy.
In the current fiscal, business and money movements are yet to get the desired momentum. New job opportunities are also not being created. If such a scenario continues, the national economy will face very hard time in the near future and the government's revenue income will go down.
But for the desired socio-economic development of the country, there is no other way but to increase the revenue income of the government. Human resources and infrastructure developments should be continued for the sake of sustainable growth. Good governance and law & order situation should be improved to facilitate business, investments and industrialisation. A huge amount of money is required for doing all these things and the government earns this money by taxing its citizens. On the other hand, the tax payers also expect the government to take care of them providing socio-economic security and safety.
In view of the above, the national budget 2008-09 is very important for the nation. The budget should be prepared very intelligently in such a fashion so that the government's revenue is increased on one hand and the common people get benefit from the budget, on the other. The budget will be people oriented, if it helps create more employment opportunities and bring momentum in the money market and business. At the same time, prices of essentials should also remain under tolerable limit, for the common people. The budget should encourage private investments and acceleration of both local and foreign funds in the country. So, the budget for next fiscal should aim to recharge our economic activities, increase the purchasing power of the people and expand the tax net without increasing the tax rate.
There is no denying that the revenue earnings of the government for the coming fiscals should be increased not to raise public expenditure but to develop the economy itself. The total revenue income of the government can be increased by identifying new tax payers. The NBR should take fresh attempt to stop tax evasion without creating any panic in the society. Each individual and business house, falling in the category of taxable income groups, should be brought under the tax net in a well planned way. Desired tax should be collected very intelligently by motivating and educating the people. In order to prevent tax avoidance by business houses, the submission of tax accounts and VAT accounts may made mandatory, along with tax return. Reconciliation of tax and VAT accounts will certainly increase tax collections. Since the accounts for the purpose of income tax are audited by the Chartered Accountants, the VAT accounts may be audited by Cost and Management Accountants for cross checking. This will ensure transparency. However, low income groups should not suffer due to the tax collection drive. The scarcity of jobs has pushed our young generation to be self employed through small grocery shops and businesses. They are often harassed by tax inspectors. These groups may be kept out of tax net. Retired senior citizens, if they do not have any other income, should be kept out of the tax net. Professionals who do not have prasticing license should be kept out of tax net, if they do not have any other income.
While collecting tax, the policy makers should keep it in mind that the government is the guardian of its people. It has to ensure equal treatment to all its citizens and protect the interest of the common people. The people engaged in tax collection should not be given discretionary power to harass the people; rather they should work under legal framework. Transparency and accountability for both tax payers and tax collectors should be ensured. Food, clothing, shelter, education and health care etc., are the basic needs for human life. So, allout efforts should be made by the government to keep the prices of all commodities related to such basic needs within the purchasing power of the common people. Otherwise, the real income of our people will go down.
The national economy will move towards a positive direction, if the people can purchase more, which, in turn, will help increase gross domestic product(GDP). With the increase of GDP, the government's earning will also be increased. This is a cycle and the NBR has a major role to speed up this cycle.
Job and employment opportunities will be increased, if both domestic and foreign private investments are increased. At the end of the day, we have to give jobs, promote businesses and create income earning opportunities for the people. Essential commodities must be provided at their affordable means. The budget has a lot of things to do in this regard because it is not only the weapon to collect tax but it also reflects the political and economic philosophy of a government on which the citizens and both local and foreign private investors can rely.
The national budget in Bangladesh is normally prepared under a traditional approach without offering due services to the valued tax payers. It normally targets the earnings of the government without having any long-term economic vision. It is time to change this trend. The tax payers also must feel that they are getting due services from the government. Government's earnings are required not only to run the government but also to ensure the availability of the desired infrastructural services as well as to promote human resources development. Changing the lot of the people and economic development should be the main target of the budget.
Budget must be people oriented and it must have the qualitative elements to push the national economy into a positive direction so that by next ten years Bangladesh can turn into a middle-income country. For this purpose, the market economy experts, business community and professionals may be involved in the budget planning process, shunning the traditional narrow and bureaucratic approach. The budget should have an economic vision to break the vicious cycle of poverty. This can be done by rapid industrialisation and, for this, tax incentives to new industries may be continued and if possible, may be increased. Tax and fiscal incentives to labour intensive and employment-generating businesses and industries may further be continued. At the end of the day, the common people must be made happy and the economy should move towards a positive growth path. Per capita income of the people should go up and the prices of essentials should remain within the buying capacity of the citizens.
In order to establish transparency, accountability, rule of law and social justice, the anti corruption drive should be continued, but this should be done by Anti-Corruption Commission and law enforcing agencies, not by the NBR. Money laundering matters should also be dealt by the Bangladesh Bank and law enforcing agencies and not by others. It would be better, if the NBR remains out of such activities; rather it should work for increasing government's, income on one hand, and boosting the national economy, on the other. The policy-makers may consider that money is money. It has no nationality, religion or permanent address. Water goes to the slope area and money goes to the safe area. In our budget philosophy, Bangladesh should be made a safe country for money mobilisation. As such, allout efforts may be made for bringing momentum in the money market. Attraction of foreign funds will not be very difficult, if the investors feel that their lives, money and properties are safe in Bangladesh. Under the present global economic scenario, efforts may be made to bring the undeclared money to the mainstream of the economy. Only terrorists' and drug traffickers' money transfers in Bangladesh must not be allowed in any way because such money will not bring any thing good to our economy; rather those money will obstruct our social and economic progress.
Tax collection in India in the last fiscal year was very much encouraging and this has happened due to more emphasis on given to people's welfare programmes and related expenditures. Tax collection drive in Bangladesh should also be strengthened under a modern approach by giving more importance to people-oriented programmes. There is no alternative but to create a tax payment culture in the country. A fresh programme may, therefore, be taken to educate and motivate people to pay tax without any complicity. Submission of individual's tax return under self assessment should made very simple and if possible, individuals may be allowed to deposit the declared tax money along with return through any designated bank. Tax authority may collect the same from banks and then scrutinise and take necessary actions where required. Tax returns under self assessment may also be audited by the NBR's enlisted professional auditors for ensuring transparency. This will reduce the work burden of the NBR. The NBR maly also motivate the tax payers by honouring them in the society, giving 'Special Social Status Card".
Tax collection may be increased by increasing taxes and duties on the items normally used by the rich people and upper class of the society. The government may earn more revenues from items like imported perfume, cosmetics, soaps, marblestone, sanitary items, furniture, colour television sets having screen more than 56 inches, spectacle frames, show pieces, shoes, bags and motor cars, jeeps having power more than 2000 CC etc. Apart from these, taxes on cigarettes, alcohol, wines and luxury items may also be increased. English medium private schools, colleges, universities and non-government organisation (NGOs) doing businesses may also be brought under the tax net. Tax collection drive should be strengthened in the sub-urban also.
Social justice may be ensured showing sympathy to the common people and low income groups. As such, taxes and duties may be reduced on items like locally produced soap, detergent powder, plastic goods, paints, ceramic tiles, medicines, food items radio, televisions, electronic items, baby-foods, onions and edible oils, Hawai chappal, shoes, bags, skincare lotion shampoos, both newsprint and white print papers, book printing materials, education materials, both local and imported construction materials for housing, registration fees on property transfer and gift tax rate.
After the shock in 1996, our capital market still remains shaky, which is not a good sign for capital formation as well as for rapid industrialisation. Small savings are to be accumulated through capital market to facilitate big investments in the country. For this purpose, private entrepreneurs, particularly multinational companies doing businesses in Bangladesh may be encouraged to go for public issues by increasing the gap of tax rate between private and public limited companies. Income of banks and financial institutions are almost certain. So, their tax rate may remain unchanged. However, special tax rebate may be allowed to those who give agriculture, housing and small and medium enterprise(SME) loans. Multinational banks' tax rate should be more than the local private banks. However, they may be allowed to enjoy same tax rate, if they issue shares to general public. Private mobile phone companies' tax rate should be higher than that of other private companies. However, they may be allowed to the enjoy same tax rate, if they issue shares to general public
Farmers and growing middle class are the life-blood of an agro-based economy like Bangladesh. As such, the budget should give more emphasis on agriculture, education and industrialisation. So, budget allocation should be increased in following sectors:
Agriculture: Agriculture is the backbone of the Bangladesh economy. Rice is the principle food crop of Bangladeshis. We do not have any other option but to increase production of rice and other agro-food items. The country now needs a safety stock of rice, wheat meal, flour and other essential food items. So, maximum support should be given to agriculture sector in the form of tax incentives, subsidy, etc., and these may be increased for the items like seeds, fertiliser, agriculture equipments. The prices of petroleum, power, fertiliser etc., have a major role on the prices of food and essential items. So, subsidy should be continued for these items in the next fiscal. Transport sector also plays important role in price-hike and as such, this sector may be given special tax incentives.
Human Resource Development: Human resource is the best resource for developing the national economy. So, both formal and informal education should be given top priority in the budget. Budget allocation may be increased for education related to science, technology, business and industrial development.
Infrastructure Development: Rapid industrialisation and business developments need proper infrastructural support facilities. This, in turn, will speed up the process of industrialisation, expand businesses and develop the national economy itself. So, road, river and rail communications should be further improved giving adequate allocation under the budget. Power generation and gas distribution network for mills and factories also need enhanced budgetary allocation. The allocation of funds under the Annual Development Programmes(ADP) should be made, keeping the specific needs for socio-economic development of the country in mind and avoiding petty political interests.
Health Care: The Bangladesh economy is largely agro-based; but the rural people do not get proper health services from the government. Budget allocation may be increased to set up new rural health care centres.
Public security, safety and law & order: The economy is safe if the tax payers' lives and properties are safe. The proposed budget for the next fiscal should have special focus on social and economic security issues. So, law enforcing agencies should be strengthened and given modern equipment and automated computer systems for giving quick services to the citizens. In this regard, budgetary allocation should be increased for facilitating computerisation and providing necessary training to the security personnel.
Bangladesh's history, culture and natural beauty, particularly that of Cox's Bazar and Chittagong, can be a sizeable source of tourism income. This can strengthen our national economy. As such, the budget may announce special tax incentives for the desired growth of tourism sector. In the long run, it will help increase tax collections. Tax incentives may also be increased for the least developed areas of the country to encourage investment there. This may be done by announcing territorial tax policy, i.e. different tax rates and tax incentives for different parts of the country. Tax holiday for a longer period may be announced for the northern belt of the country.
It is to be realised that when prices of foods and essentials go up, the real income of people goes down and as such, individual's taxable income should be revised every year in line with the rate of inflation. In the new budget of India, the minimum taxable income for individual has been fixed at Indian Rupees 1,50,000 which is equivalent to Bangladeshi Taka 2,50,000. Since, India is our neighbouring country, our government may also think to increase the minimum tax slab to Taka 200,000, at the least. With a view to motivating as well as bringing more people under the tax net, penalty u/s 124 for submission of the delayed tax return may be waived for the particular fiscal year 2008-09. However, punitive actions may be taken in the subsequent years. It is reported that tax demands involving more than Taka 5.0 billion have been blocked by writ petitions in the High Court. In order to avoid such stuckup cases, the NBR may expand the scope of section 82© for collection of taxes at sources as more as possible.
During the currency crisis in South East Asia, the then Prime Minister of Malaysia told, " The press is asking questions. I'm answering and tomorrow the currency traders will try and push down the Ringgit just because Dr. mahathir has opened his mouth." We have experienced the same thing in Bangladesh in the last year. It is true that the tax collection performance is good in the current fiscal but this has come mainly creating a panic among the tax payers. In the long run, such actions and techniques will have adverse effects on the economy as a whole. So, it is suggested that the NBR officials should work silently keeping their targets in mind. The NBR personnel should speak less through both the print and electronic media. However, they may talk to the media only to educate and motivate the people for creating a tax paying culture and encouraging private investments. This will, in turn, help increase government's earnings.
The writer is Secretary of The Institute of Cost and Management Accountants of Bangladesh (ICMAB). He is a professional Cost & Management Accountant and Auditor. He is also a member of the Institute of Internal Auditors, Institute of Management Consultants, Bangladesh and the Institute of Management Accountants, New Jersey, USA.