NBR squeezing same old taxpayers

Says Salman F Rahman

FE DESK | Published: May 11, 2024 00:18:51

The National Board of Revenue (NBR) was putting a heavier tax burden on those already paying taxes, said Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister, at a function on Thursday.
He said all of those having Taxpayer's Identification Numbers (TINs) should be brought under the tax net.
He was talking to reporters after inauguration of the three-day US Trade Show that kicked off at the Intercontinental Hotel in the city on the day.
He said there was no alternative to raising the dollar price to face economic challenges.
About revenue collection, he said all TIN holders should be brought under the tax net. The tax rate should be reduced but the tax net should be widened, he added.
All countries that cut the tax rates and widened their tax nets saw an increase in the revenue collection, he mentioned.
All businessmen should be brought under the tax net, he suggested.
Many businessmen were doing well, under the leadership of Prime Minister Sheikh Hasina, at the upazila level and even at the village level. They also should be brought under the tax net, he added. Bangladesh's imports from some countries were high and if transactions with those countries could be done in their local currencies, the pressure on dollar could ease, suggested Salman F Rahman.
The rise in the exchange rate would have a good impact on exports. Both remittance earnings and export-oriented industries would benefit from it, he added.
About the inflation rate, he said it should have been brought under control. The inflation rate staying above 9.0 per cent should be brought down, he mentioned.
The exchange rate rise would not have that much impact on the economy, because, the country fared well in the agriculture sector and the country achieved self-sufficiency in food production, he said.