Business Initiative Leading Development (BUILD) Chairperson Abul Kasem Khan placed the budget proposals for FY2021-22 to the Chairman of National Board of Revenue (NBR) Abu Hena Md. Rahmatul Muneem on March 16, 2021. In order to revive the post COVID19 economy, BUILD placed some effective recommendations in a bid to facilitating the tax revenue collection procedure of the government, focusing on widening the tax net, corporate tax reduction, minimizing the gap of supply-side and demand-side and simplifying the tax payment procedures.
During the meeting with NBR, BUILD Chairperson said that we see no other option for increasing the Tax GDP ratio; he added the current ratio of direct and indirect tax in Bangladesh is around 35:65, which should be reversed to uphold the interest of the consumers and the productive sectors. Priorities for this year Budget should be to increase the tax-net, reduce the tax rates, simplify tax payment procedures to encourage taxpayers.
BUILD urges to reduce administration and compliance costs, ensure procedural fairness, avoid discrepancies and discrimination, ensure transparency, and build confidence in the taxpayer-citizen-client. It also demands the increased reliance on Information Technology — electronic payment facilities. BUILD asked for considering the taxpayer as a customer and facilitating compliance. It raises the importance of tax audit strategies to increase efficiency and reduce the risk of leakage. The policy paper also identifies the urgency of the segmentation of taxpayers for creating better service levels for all.
Enclosed are the press releases (in English and Bangla) for your kind consideration. Please feel free to contact us for any queries.