Enhancing NBR's efficiency crucial for business growth: Finance adviser
The private sector must be proactive alongside the government in meeting the LDC graduation challenges, he says
Increasing the efficiency of the National Board of Revenue (NBR) is essential for the growth of business in the country, Finance Adviser Salehuddin Ahmed has said.
Speaking at a seminar at the NEC conference room in the capital on Monday (27 January), the adviser called for increasing the competitiveness of local businesses in light of the upcoming LDC graduation through maintaining labour and environmental compliances.
Support to the Sustainable Graduation Project (SSGP) of the Economic Relations Division (ERD) organised the event titled "Reforms in Customs, Income Tax, and VAT Management to Address the LDC Graduation Challenges".
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Commerce Adviser Sk Bashir Uddin and NBR Chairman Md Abdur Rahman Khan were special guests, with ERD Secretary Md Shahriar Kader Siddiky, in chair.
The finance adviser further said the private sector must be proactive alongside the government in meeting the LDC graduation challenges. He also called for effective implementation of the recently finalised smooth transition strategy (STS) to this end.
Commerce Adviser Sk Bashir Uddin underscored the need for increased efficiency of the local businesses to face the potential challenges of LDC graduation.
Small and medium enterprises should come under the VAT net and a uniform tax rate system needs to be introduced, he said.
NBR Chairman Md Abdur Rahman Khan stressed reducing the tax expenditure.
He informed that the National Single Window (NSW) payment gateway would become fully operational by next March while the entire tax system would be automated very soon.
ERD Secretary Md Shahriar Kader Siddiky said the government is committed to ensuring effective and time-bound implementation of the smooth transition strategy (STS).
A series of stakeholder consultations like this will be organised for successful implementation of the STS, he noted.
Chairman of Chattogram Port Authority Rear Admiral SM Moniruzzaman, NBR member AKM Badiul Alam, Senior Vice President of Dhaka Chamber of Commerce & Industry Razeev H Chowdhury and Bangladesh Freight Forwarders Association President Kabir Ahmed spoke as panelists.
