The potential challenges facing Bangladesh following graduation from the least developed country (LDC) club are now a major concern for policymakers, according to Finance Secretary Dr Md Khairuzzaman Mozumder.
After the graduation, he warned that exports could decline due to the phasing out of subsidies and preferential tariffs in importing countries, possibly rendering the sector uncompetitive.
"We must overcome these challenges by mobilising higher domestic revenue, strategically reducing tax exemptions and implementing ongoing reform initiatives in revenue administration," he said at a ceremony for honouring the highest taxpayers.
The National Board of Revenue (NBR) organised the event at the Bangabandhu International Conference Centre (BICC) in Dhaka on Wednesday to honour 141 top taxpayers from across various categories.
Syed Md Abu Daud, NBR member (income tax administration), delivered the welcome speech, while NBR Chairman Abu Hena Md Rahmatul Muneem chaired the ceremony.
The NBR chairman, who is also the senior secretary to the Internal Resources Division (IRD) under the Ministry of Finance, announced plans for expanding the tax department by creating more field offices to improve service delivery.
He encouraged taxpayers to contact their local tax offices directly with any complaints, mentioning the weekly public hearings held in each zone to address issues.
In total, 665 taxpayers nationwide received tax cards in recognition of their significant contributions to public finances.
Among them, 140 individuals, companies and other entities were honoured at the BICC event, while 525 awards were distributed at city corporation and district levels.
Singer and Member of Parliament Momtaz Begum, a tax card recipient for the fourth consecutive year, expressed pride in contributing as a top taxpayer.
"It's a message to others to become tax-compliant and contribute to the country's development," she told The Financial Express.
The revenue board issued two statutory regulatory orders (SROs) on November 30 and December 2, 2023, listing the names of all award winners. Recipients were selected based on their tax payments for the 2022-2023 tax year.
Three banks - Islami Bank Bangladesh PLC, Standard Chartered Bank, and BRAC Bank - feature among the 54 companies recognised.
Leather Industries
Apex Footwear Limited, Bata Shoe Company (Bangladesh) Ltd and Alliance Leather Goods and Footwear Ltd.
Non-Banking Finance
Infrastructure Development Company Limited, IDLC Finance Limited, Bangladesh Infrastructure Finance Fund Limited and DBH Finance PLC.
Telecommunication
Grameenphone Limited.
Engineering
BSRM Steels Limited, Bangladesh Steel Re-Rolling Mills Limited, Bangladesh Machine Tools Factory Ltd.
Businessmen
Md Kaus Mia, Gazi Golam Mortuza, SM Ashraful Alam, SM Shamsul Alam, SM Mahbubul Alam.
Salaried taxpayers
Md Yousuf, Rubayet Farzana Hossain, Hosne Ara Hossen, Laila Hossain and MA Haider Hossain.
Senior citizen
Golam Dastogir Gazi, Khawza Tazmahal, Dr Mostafizur Rahman, Fazlur Rahman, Abdul MUktadir.
Gazetted injured freedom fighters
A Matin Chowdhury, Dr Md Amzad Hossain, Md Nasir Uddin Mridha, Md Joynal Abedin, Abu Saleh Mohammad Nasim.
Physically challenged
Akram Mahmud, Dr Md Mamunur Rashid and Md Shahjamal.
Women
Anowara Hossain, Shahnaj Rahman, Nilufar Ferdous, Mituli Mahbubm and Dr Shayla Afrin Khandaker.
Young taxpayers (below 40)
Ahmed Arif Billah, Md Shahed Shahriar, Sardin Rahman Antu, Nasiruddin Akter Rashid and Sri Rakesh Kumar.
Physicians
Jahangir Kabir, Professor AKM Fazlul Haq, NAM Momenuzzaman, Professor Pran Gopal Datta and Lutful Latif Chowdhury.
Journalists
Faridur Reza, Mahfuz Anam, Motiur Rahman, Mohammad Abdul Malek and Shykh Seraj.
Lawyers
Sheikh Fazle Nur Taposh, Nihad Kabir, Ahsanul Karim, Towfiqa Aftab and Kazi Mohammad Tanjibul Alam.
Engineers
Mohammad Atiqur Rahman, Mohammad Abdul Awal and AHM Jahirul Haq.
Architect
Mohammad Fayez Ullah, Mohammad Rafiq Azam and Khan Mohammad Mustafa Khaleed.
Accountants
Mohamaad Faruk, Mashuk Ahmod and Snehasish Barua.
New Tax Payers
Ryan Michael Ott, Md Ali Nur, Md Rafiqul Islam, Zara Zerin Zaman, Shah Alam Uddin, Antara Zyma and Mohammad Aminul Haq.
Players
Sakib Al Hasan, Md Mahmud Ullah and Tamim Iqbal Khan.
Actor/Actress
Mahfuz Ahmed, Farida Akter Babita and Md Siam Ahmed.
Singers
Tahsan Rahman Khan, SD Rubel and Momtaz Begum.
Print and Electronic Media
Mediastar Limited, East West Media Group Limited, Somoy Media Limited and Times Media Limited.
Real Estate
Swadesh Properties Limited, Shanta Holdings Limited and AWR Developments (BD) Limited.
RMG
Youngone Hi-Tech Sportswear Industries Ltd, Square Fashions Limited, Rifat Garments Limited, Titas Sportswear Industries Ltd, Universal Jeans Ltd, Nice Denim Mills Limited (NDML) and Fakir Knitwears Ltd.
Food and beverage
Nestle Bangladesh plc, Pran Dairy Ltd and Olympic Industries Limited.
Energy
Titas Gas Transmission and Distribution Company Limited, Chevron Bangladesh blocks thirteen and fourteen Ltd and Petromax Refinery Ltd.
Jute
Akij Jute Mills Ltd, Ahyan Jute Mills Ltd and Popular Jute Exchange Ltd.
Spinning and Textile
Square Textiles plc, Coats Bangladesh Ltd, Badsha Textiles Ltd, N. Z. Textile Limited, Kamal Yarn Limited, ACS Textiles (Bangladesh) Ltd and Fakhruddin Textiles Mills Ltd.
Medicine and chemical
Square Pharmaceuticals, Unilever Bangladesh, Karnaphuli Fertilizer Company Limited and Incepta Pharmaceuticals.
Others (individual)
Nafis Sikder, S A K Ekramuzzaman and Md Monir Hossain.
Association of Persons
Sena Kalyan Sangstha and Bangladesh Bank Karmachari Co-Operative.
Other category
Brac, Asha, Samwhan-Mir Akhter Joint Venture, BURO Bangladesh, British American Tobacco Bangladesh, American Life Insurance Company, Sadharan Bima Corporation and EDOTCO Bangladesh Co Ltd.
Farm category
MS S N Corporation, Ms Md Jamil Iqbal, Walton Plaza and MS Saleh Ahammad.
Local authority category
Bangladesh Bridge Authority.
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