Budget has expectations but lacks proper directions: Speakers

Experts in a post-budget discussion programme said that the proposed National Budget for FY 24 has achievements and expectations but it lacks proper directions.

Considering the global economical condition, the speakers referred to this year’s budget as an important one. There are many positive things in this budget but implementation will be one of the biggest challenges for the government, they said.

The BRAC Business and Economics Forum of BRAC University hosted the post-budget discussion on the proposed budget for the fiscal year 2023-24 on Saturday, reads a press release.

Bangladesh Bank Former Governor and BRAC Business School Professor Dr Salehuddin Ahmed said “The budget has several directions for building a smart Bangladesh. There are tales of achievements and expectations but it lacks proper directions for almost everything.”

He mentioned that raising the tax ceiling to Tk 3 Lakh is appropriate but the idea of Tk 2000 minimum tax is contradictory. Dr Salehuddin also asked the government to take proper action against loan defaulters, corruption and money laundering.

Mominul Islam, chief executive director of IPDC Finance Limited, said the government had to consider several challenges before proposing this budget. He said that people want infrastructural developments but they also want good governance, better law and enforcement situation, a fair judiciary system and a business-friendly environment. The private sector always supports the government in revenue earning but they also expect that they will also get the services in return. He asked the government to make sure that no one gets harassed for doing business and also to provide incentives to the businessman when needed.

Dr Mirza Azizul Islam, former advisor to the Caretaker Government and professor of BRAC Business School, emphasised ensuring maximum tax collection from the TIN (Tax Identification Number) no. holders. The number of tax collections is not that significant from the TIN no. holders. Instead of increasing the amount of tax rate, he suggested increasing the scope of tax collection.

Snehasish Barua, a partner of Snehasish Mahmud & Co, discussed the possible smart and digital ways of revenue collection and several sides of Income Tax Law. His talk mainly focused on the importance of the digitalisation of revenue collection and its outcome.

At the end of the discussion, the speakers answered various questions about the budget from teachers, students and guests of BRAC University. The budget discussion was moderated by Tania Akter, senior lecturer at BRAC Business School.