International Business Forum of Bangladesh (IBFB) has recommended the government for generating more revenues through effective utilisation of value added tax (VAT) by discouraging import of goods, rationalising high bank interest rates and establishing automation in all spheres to ensure “Digital Bangladesh”.
A 20-member IBFB delegation headed by its president Hafizur Rahman Khan came up with the suggestion during a pre-budget discussion with the state minister of finance and planning MA Mannan, held yesterday at his secretariat office in the capital.
The delegation also recommended for restructuring taxes (CD, VAT, IT etc.) in different fields, areas, and sectors such as power & energy, billets, travel, tourism & hospitality industry, agro-based industry etc.
The state minister assured the delegation of giving special attention to the suggestions made by IBFB during the formulation of the forthcoming National Budget.
In response to a request for keeping politics out of business, MA Manna said: As far as sustainable development of the country is concerned, the politicians and the business persons have indifferent interests, originated from their own patriotism and wisdoms to ensure betterment of the people.
The government will consider the return of the incentives as well as the welfare of the businessmen, said the state minister while talking to the reporters after the meeting.
“As the incentives, subsidies, tax holiday facilities have become a reconginsed matter to the public as a whole, those facilities will be utilised cautiously.”
To boost up the economic growth, the IBFB delegation strongly suggested to declare the country’s health sector and travel, tourism & hospitality sector as “Industry”, and also to change the rate of the utility bills from the commercial to industrial rate, which is now 60% higher than industrial rate.
To safeguard and stop recurrence of tragic accidents in the RMG sector that has already created image crisis for Bangladesh, IBFB delegation demanded strong monitoring and supervision, which they defined as a call of the time.
They recommended for the dispersal of RMG units throughout the country to avoid any such incidents in future.
Among others, the IBFB delegation includes Mahmudul Islam Chowdhury, founding president of IBFB, Dr. Md. Omar Shafayat Kausar, vice-president of IBFB, Lutfunnisa Saudia Khan, director IBFB, Md. Atiar Zaman, director IBFB, Syed Mustafizur Rahman, director IBFB and chartered accountant AK Chowdhury, chairman of IBFB industry leadership committee.