Planning Minister MA Mannan today said that
necessary reforms are needed in the National Board of Revenue (NBR) for
ensuring trade facilitation.

“Reforms in the National Board of Revenue (NBR) are very much necessary.
Despite various problems, the government has unleashed many visible
development works over the last 10 years as per our expectations,” he said.

The Planning Minister said this while addressing a roundtable discussion
Titled “Macro Economy: Expectations in budget for fiscal year 2022-23” as the
chief guest organized jointly by the Institute of Chartered Accountants of
Bangladesh (ICAB) and the Economic Reporters’ Forum (ERF) held at the ICAB
Bhaban in the capital today. ICAB President Shahadat Hossain presided over
the discussion.

During the discussion, businessmen, economists and chartered accountants
across the table discussed in detail on various issues including bringing
reforms in the revenue system, reducing the corporate tax rates, the possible
measures in the wake of COVID-19 fall out and the war between Russia and
Ukraine, taking necessary preparations for facing the challenges of post LDC
graduation period, flourishment of the SME sector, ensuring optimum use of
public expenditure, and giving budgetary allocations on priority basis.

At the very outset of the meeting, the ICAB President said although the
country is moving ahead, but inequality is also growing due to the indirect
tax. He also suggested for mobilizing more foreign loans instead of
generating more direct tax and domestic loans.

Shahadat also advocated for banking more on automated revenue system,
ensuring optimum utilization of taxes, increasing allocations in the social
safety net programmes and ensuring its distribution.

Former caretaker government adviser and executive director for campaign for
popular education Rasheda K Chowdhury said that reforms are needed in making
investments from the budget. “Full-fledged budget should have to be given in
the education sector. Father of the Nation had nationalized the primary
education in the war-ravaged country after independence. The GDP size of the
country was then only $14 billion. Then why the secondary education will not
be nationalized with the current GDP size of $400 billion?”

Executive director of Policy Research Institute (PRI) Dr Ahsan H Mansur said
that the recovery from the pandemic is good, but far-sighted steps are needed
considering the global scenario. Since the import costs have increased, he
said the government would have to remain alert on utilizing the foreign
currency reserves.

Dr Mansur said that it would not be wise to cap the interest rates as well as
suggested for separating the tax policy and tax administration, increasing
guaranty schemes for flourishing the SME sector, and reforming the VAT Act.

MCCI President Syful Islam opined for reevaluating the 8th Five Year Plan
since it was not possible to act as per the plan over the last two years as
well as under the circumstances of the Russia-Ukraine war. He also requested
for reducing further the corporate tax rates and giving equal facility to all
the export sectors.

Dhaka Stock Exchange (DSE) Chairman Yunusur Rahman demanded for taking
coordinated efforts so that the food production is not interrupted, side by
side adjusting the petroleum prices in such way so that the marginal people
are not affected.

Former President of DCCI Abul Kasem Khan demanded for not taking advance
income tax anymore saying that the companies can invest such amount to the
productive sector.

Kasem also suggested for not taking anymore the tax at source, bringing
reforms in the revenue board, strengthening the BAPEX, extracting more coal
and incorporating more good projects in the PPP initiatives.

E-CAB President Shomi Kaiser urged the government for reducing tax in the e-
commerce sector and also for taking steps in skills development.

Chattogram Stock Exchange (CSE) Chairman Asif Ibrahim, Special News Editor of
the Daily Prothom Alo Shawkat Hossain Masum, ICAB CEO Shubhashish Bose, ERF
President Sharmeen Rinvy and general secretary SM Rashidul Islam spoke, among
others, on the occasion moderated by former president of ICAB Humayun Kabir.