NBR works to chop country’s import dependence, says its chairman
The National Board of Earnings (NBR) really wants to prioritise local industries when making considerations for another national budget so that you can strengthen the country's economy.
"The NBR will continue to work to increase native production capacities to diminish the country's import dependency," said NBR Chairman Abu Hena Md Rahmatul Muneem.
Muneem made these comments while addressing a virtual pre-budget discussion with the Economic Reporters Forum (ERF) yesterday.
He also described some new actions the NBR has taken to increase revenue collection.
For instance, the NBR is dealing with various government and non-authorities organisations to bring more people under the tax net.
The income authority is trying to provide policy support that will help to make the economy more dynamic and assist in production in several sectors, Muneem said.
Sharmin Rinvi, president of the ERF, put forward several proposals targeted at increasing earnings collection while also providing assist with taxpayers beneath the current circumstances.
She proposed an increase in the tax-free income limit to Tk 4 lakh for individual taxpayers.
SM Rashidul Islam, standard secretary of the ERF, urged the NBR to get ready for any challenges Bangladesh might face when it graduates from a least developed region (LDC).
If the duty-free facilities Bangladesh enjoys as an LDC are withdrawn after graduation, the country will have to abide by free trade agreements or preferential trade agreements.
"That is why, the NBR must take the initiative to any extent further," Islam added.
Besides, the government should decide how to speed up tax reforms that decrease the complexity of taxation to attract expense.
It should also kind public-private tax committees and carry review meetings on spending plan implementation every 90 days, the ERF said in its proposal.
In addition, the prevailing policy on investing untaxed income is discouraging for frequent taxpayers and encouraging for those generating illegitimate income, it added.
Senior members of the ERF, including those of its executive committee, took part on the discussion.
