Finance Minister AHM Mustafa Kamal on Saturday said that the International Monetary Fund (IMF) has highly lauded the achievements of Bangladesh, terming it “extraordinary”.
“Few weeks back, an IMF mission visited Bangladesh to observe the position of Bangladesh in the economic fronts, then they made such comments,” he said while addressing a function marking the National VAT Day held at a hotel in Dhaka.
National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem presided over the function, while NBR member Zakia Sultana presented the keynote paper.
Some nine highest VAT-paying companies and firms were given certificates at the function marking the National VAT Day.
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Speaking on the occasion, Kamal said whatever achievements Bangladesh has made so far are not only because of the sole efforts of the government but also for the association of all people of the country.
“I’m indebted to all the valued taxpayers in this regard,” he added.
Highlighting the successes of Bangladesh in the different socio-economic areas over the last 14 years, he mentioned that the size of the economy now stands at $465 billion which was only $100 billion when the Awami League-led government assumed office back in 2009.
“During this period, the per capita income rose to $2,864, up from $600,” he said, urging the countrymen to pay their due tax properly to turn Bangladesh into a higher middle-income country and thus a prosperous developed country within the timeframe set by the government.
NBR Chairman Muneem said although Bangladesh would face some challenges in terms of revenue collection following the LDC graduation, those could be dealt with successfully.
He noted that apart from manufacturing products having the potential for value addition, diversified products can also be manufactured to boost the export basket.
The NBR chairman also said that revenue collection can also be enhanced through the expansion of trade, commerce and industrialisation.
“The NBR will extend necessary policy support in this regard,” he assured.
Muneem said that the capacity of revenue management is also being enhanced through automation so that the esteemed taxpayers can avail such an environment to pay their taxes voluntarily.
Besides, he informed that the number of VAT offices is also being increased alongside increasing the number of skilled manpower.
Speaking on the occasion as the special guest, the President of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md Jashim Uddin urged the revenue board not to harass those taxpayers who pay taxes regularly.
He also suggested widening the tax net by reducing the tax rate.
Olympic Industries, Ibn Sina Pharmaceuticals and Industries and SMC Enterprise received the highest VAT-paying awards in the Manufacturing Category. Walton Plaza, Agora Limited and Unimart Limited received awards in the Business Category.
bKash Limited, IFIC Bank and Nagad Limited received awards in the Services Category.
