The Foreign Investors Chamber of Commerce and Industry (Ficci) has urged the National Board of Revenue (NBR) to get rid of the mentality of viewing all businessmen with suspicion in the field of revenue administration.
The leaders of the organization say that it is not right to blame the entire business community for the irregularities of a few; rather, it is possible to increase revenue collection and investment by creating an environment of trust.
Ficci President Rupali Haque Chowdhury said these things at the pre-budget discussion organized by the National Board of Revenue in Agargaon in the capital on Monday (April 6).
The meeting was attended by NBR Chairman Abdur Rahman Khan, senior officials of the Board of Revenue, and senior officials of multinational companies operating in Bangladesh.
Chowdhury said: “We need to get out of this blame game that says ‘businessmen are thieves.’ We need to trust them. Not everyone can be held responsible for some people.” He said that mutual trust and cooperation between businessmen and the revenue administration are very important to achieve the government’s goal of increasing revenue.
The Ficci president also said that to improve the investment environment in the country, the tax system must be made simpler, transparent and predictable. At the same time, if continuity in policies is not ensured, investors are discouraged from making long-term decisions.
Representatives of multinational companies participating in the meeting also emphasized on tax system reforms. They said that the existing tax policies must be made simpler and more digital-based.
In addition, it is possible to increase revenue collection by expanding the tax base. This will ensure a level playing field for all.
According to them, in addition to increasing revenue collection, the issue of maintaining private sector growth must also be considered with equal importance. For this, the next national budget needs such policy decisions that will increase revenue on the one hand, and encourage investment and business expansion on the other.
NBR Chairman Abdur Rahman Khan also acknowledged the various limitations of tax administration in the meeting. He said that in the last one and a half years, various digital initiatives have been taken by the NBR to make the tax system more transparent and effective. He also said that efforts are being made to simplify services and improve communication with taxpayers through the use of technology in tax administration.
He also said that the opinions and recommendations of businessmen will be considered seriously and they will be analyzed while formulating the next budget.
The concerned people believe that such pre-budget discussions play an important role in determining the government's revenue policy.
According to them, if the dialogue between the government and the business community increases, not only will revenue collection increase, but the investment environment will also be strengthened.
