Home ›› 04 Feb 2023 ›› Front

NBR: Revenue reform consistent with us

IMF recommendations
Staff Correspondent
04 Feb 2023 00:00:33 | Update: 04 Feb 2023 11:05:36
NBR: Revenue reform consistent with us

The recommendation made by the International Monetary Fund (IMF) for revenue reform is not inconsistent with us because the restructuring is an ongoing process and we are going through various reforms, said National Board of Revenue member Masud Sadiq.

"We restructure tax, VAT and customs revenue every year while fixing the budget, irrespective of getting IMF loan. And through integrating modern technologies, the revenue collection and trade friendly-environment may increase,” he said on Friday while speaking at a press briefing organised on the occasion of the upcoming revenue conference.

In reply to a query about the proposal put forward by IMF to increase the tax-GDP ratio by 0.5 per cent, NBR member Pradyut Kumar Sarkar said that the tax-GDP ratio will be increased once tax exemptions are gradually reduced.

"Tax exemptions for various sectors have helped the country develop economically and we have gotten good results from this facility in the last two decades," he said.

"Our GDP is now $470 billion. The government has provided tax exemptions for many sectors, including the agriculture and trade. The government provided tax exemptions for better economic and industrial development, as well as for the people,"
he added.

"The government will continue to provide this facility for the sectors that still need it. However, for the sectors that have gotten a strong footing already, we will gradually restructure the number of incentives," Sarkar said. Ultimately, it will increase the tax-GDP ratio, he added.

NBR Chairman Abu Hena Md Rahmatul Muneem said the revenue conference will be held on February 5-6 at Bangabandhu International Conference Centre. The prime minister is expected to inaugurate the conference.

The premier will also inaugurate the new building of NBR the same day. There will be three seminars on VAT, customs and income tax, said the chairman.

The NBR chairman also said that there will be information booths on these issues. People will be able to know more about VAT, customs and income tax. Besides, a mini-museum will be set up where the historical documents regarding revenue will
be displayed.

×