Speakers call for consistent tax policy in next budget

The upcoming budget must ensure a consistent tax policy to reassure private investors and lower corporate taxes in line with competing countries to boost foreign direct investment (FDI).

Speakers came up with the remarks while addressing a round table discussion on the National Budget 2022-23 on Wednesday.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organised the event at Ruhul Quddus Auditorium in the capital on the day.

Speakers at the event highlighted the dos and don’ts of the budget for the coming financial year considering the current global situation.

They focused on restructuring the tax rates for individual taxpayers to give relief to low-income groups.

“Considering the ongoing inflation scenario, the government should find ways to keep the mid-income group in a comfort zone,” they said.

While speaking as chief guest, Planning Minister MA Mannan said that stability and continuity are essential for economic development and the government is very sincere in handling the ongoing economic issues.

“I can’t control the market because of the practice of the market economy. We are working to reduce the cruelty of the market economy as much as possible by accepting its reality. We have an eye on marginalized people,” he added.

Speaking as a special guest, Controller and Auditor General of Bangladesh Mohammad Muslim Chowdhury said the budget is not a sheet of income and expenditure.

At present, there is more transparency in budget formulation than ever before, he added.

He also mentioned that money was not unlimited and the government had a budget. “An average of 30 per cent of our GDP is invested. Of this, 24 per cent comes from the private sector, and the remaining 8 per cent is government investment.”