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PM opens Revenue Confce today

Published : Sunday, 5 February, 2023 at 12:00 AM  Count : 554

Prime Minister Sheikh Hasina will inaugurate the two-day revenue conference at the Bangabandhu International Conference Center (BICC) on Sunday.

'The National Board of Revenue (NBR) has organised the event to develop the country's revenue management system. The PM is also expected to open the new building of the NBR on the same day,' said NBR Chairman Abu Hena Md Rahmatul Muneem told  a press conference at the NBR conference room in Dhaka on Friday.

Muneem said that there would be a total of three seminars on value-added tax (VAT), customs and income tax.
'In addition to the seminars, there will be information booths on these issues. People will be able to know more about VAT, customs and income tax. At the same time awareness about online services will also increase,' added the NBR chairman.
At the press conference, NBR member Pradyut Kumar Sarkar said that the ratio of tax to gross domestic product would increase once the tax exemptions were gradually reduced.

'Tax exemptions in various sectors have helped the country develop economically and we have got good results from this facility in the past two decades,' he added.

He said, 'Our GDP is now $470 billion. The government has provided tax exemptions in many sectors, including the agriculture sector, trade sector, and more. The public sacrificed (their hard-earned money) due to these exemptions.'

'The government will continue to provide this facility to sectors that still need it. However, for sectors that have gotten a strong footing already and can run without tax exemptions, the number of incentives might be gradually decreased,' Pradyut Kumar Sarkar said and added that this, in turn, would increase the tax-GDP ratio.

Another NBR member Masud Sadiq said that the NBR was on the right track to increase revenue as per the conditions imposed by the International Monetary Fund while providing a loan.

'However, tax restructuring is a continuous process. It is done every year while fixing the budget, irrespective of getting IMF loan,' he added.







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