Conducive tax environment needed to boost investments

Experts and investors at a dialogue session in the city on Thursday stressed the need for a conducive tax environment to boost up both foreign and domestic investments.
They also emphasised a competitive tax regime in comparison with neighbouring nations to play a catalytic role in drawing greater foreign direct investment FDI.
They observed that a modernised, predictable and digitised system is essential in the tax department to get rid of the already-outmoded practice.
In a significant effort towards fostering a more welcoming investment landscape, they came up with the recommendations and observations at the dialogue session titled 'Conducive Tax Environment for Foreign Direct Investment (FDI) in Bangladesh'.
Jointly organised by Policy Exchange Bangladesh and Foreign Investors Chambers of Commerce and Industries (FICCI), the event delved into the intricate relationship between FDI and the nation's tax structure, dissecting key challenges and options for charting a progressive path forward.
Dr M Masrur Reaz, chairman, Policy Exchange Bangladesh, presented the keynote that laid bare the current state and challenges impeding FDI, intricacies of the country's tax system and its dominant role in investment decisions.
During the engrossing dialogue, several salient points came to the fore.
The speakers underscored that a competitive tax regime would be a catalyst in drawing greater FDI.
Additionally, a clarion call for transparent and seamless documentation processes resonated throughout the conversation, aimed at streamlining the system's efficiency.
Most notably, the vision of a tax-friendly environment, transcending the confines of paper and human interaction, was championed as a pivotal aspiration.
Luminaries from both the private and public sectors, including former members of National Board of Revenue (NBR), top management executives from several multinationals, leaders of local and bilateral chambers and tax professionals and esteemed experts well-versed in Bangladesh's tax ecosystem were parts of this enlightening discourse.

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