As the two biggest issues facing the nation’s economy, Dr. Salehuddin Ahmed, Advisor to the Interim Government on the Ministries of Finance and Commerce, cited the need to continue reforms in the banking and revenue sectors.
“Immediately the challenges that lie before us are that revenue and banking sectors reform, the reforms in other sectors and political fronts will follow these,” he stated.
The Finance Adviser was the main guest at a debate on the modifications made to direct taxes by the Finance Act, 2024, held at the National Board of Revenue (NBR) Multipurpose Hall in the Agargaon neighbourhood of the capital today.
In the chair was M Lutful Azim, President of the Bangladesh Civil Service (Taxation) Association, while NBR Chairman Md Abdur Rahman Khan spoke during the function.
The welcome address was given by Association Secretary General Sheikh Shamim Bulbul, who was joined in speaking by members AKM Badiul Alam, GM Abul Kalam Kaikobad, and Tax Administration and Human Resource Management.
He stated, “We’re willing and serious about banking and revenue sector reforms and please supplement your (tax officials’) efforts in this regard…,” in response to the government’s attempts to support the financial sector reforms.Please go quickly.”
Declaring that accountability and openness need to be the top priorities, the advisor requested that the tax officers take as much revenue as they could in order to comply with the requirements. “However, avoid tax collection by inflicting agony on the general public and making them feel comfortable in your presence.And they willingly come to pay taxes,” he went on.
He stated that in order to avoid being harassed, average taxpayers now have a tendency to avoid approaching tax inspectors. The finance and commerce advisor said, “Please reassure the taxpayers so that they could overcome such fear.”
Dr. Salehuddin, who also oversees the Ministry of Science and Technology, urged everyone involved, regardless of class or creed, to participate in revenue production, saying: “We want to make the country self independent…Though we will still need to import resources from elsewhere, it is currently not feasible to become completely independent.”
He stated that the current state of the economy is the main issue, excluding the need to restore law and order.
The advisor stated that the economy will be the top topic for a visiting US group, and that over the next several days, there will be a number of talks on it.
“They (the USA) might assist us based on our needs…We can at least claim that the tax reforms have commenced, inspiring the bureaucrats.”Then, they could feel somewhat confident.” he said.
The Finance Adviser observed that during the last month of the temporary administration, some individuals have grown somewhat uncomfortable due to the performances adding: “But, I can say at least in the financial sector, some visible moves
changes are being made in the financial industry, such as eliminating the provision for whitening black money.”
He continued, “With your help, we’ve already made the start and we’ll aim to reach our desired target. Social and health sector reforms will take time to implement.
He stated that the government will not lower its revenue objective, pointing out that the primary goal of governance should be to avoid wasting any public monies.
“We’ll make an effort to allocate resources in a way that meets all needs and expenses.”
of our own. It is equally true, though, that our limited resources will not only
work, but in addition to technical support, outside money is required.”
Dr. Salehuddin stated, stressing that the nation shouldn’t get dependent on outside sources.
It’s said that if you put your hands in someone’s pocket and they move,
then you need to relocate, and we’re experiencing that in every way,” he remarked.
“Donor organisations constantly attempt to recommend the government, but the government
is making an attempt to claim…We wish to avoid becoming totally reliant on the
growth partners,” the advisor remarked.
mentioning that a large number of development projects are not being accepted due to
self-needs or in accordance with national requirements, Dr. Salehuddin stated the
The government would attempt to start initiatives after careful consideration.
“We will undoubtedly accept ventures that will benefit us. Furthermore, we will investigate the possibility of obtaining foreign funding if necessary,” he stated.
Although direct tax is significant, its percentage of Bangladesh’s revenue is relatively small compared to indirect taxes like VAT, he noted.
He stated that the tax burden shouldn’t be placed solely on certain individuals or companies, pointing out that equity and ability to pay are the fundamental principles of taxation.
He told the NBR officials that everyone is staring at their faces and that there should be no leakage and that taxpayers should not be afraid of the revenue board employees because everyone will be receiving justice side by side.
The advisor advised the tax officers to perform their duties and obligations with more prudence and sincerity, noting that they were fulfilling a government import duty.
He said that the US delegation would be meeting with him tomorrow to address various topics, the main ones being tax changes, banking sector reforms, customs, tariffs, and avoiding double taxation.
He stated that substantially more FDI, FPI, and portfolio investment would not be viable if the government did not strengthen the regulatory framework.
You have a lot of duties, so please do your work as soon as possible.
swiftly… Be proactive with an eye towards the future, instead of doing a postmortem,” the advisor questioned the tax authorities.
Regarding his colleague Dr. Wahiduddin Mahmud’s remark that the NBR building is “impressive,” Dr. Salehuddin stated that in certain situations, persuasion may require the attractive appearance of the building.
However, do maintain your innate abilities and knowledge as well.Kindly align your words with the lovely view of the NBR building’s structure’, he urged.
The advisor stated that although the USA has one of the best direct taxation systems, the system is quite stringent and it is difficult to meet the USA requirement.
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