People need to change their mindset on paying taxes for sustaining the inclusive development of the country, Salman F Rahman, private industry and investment advisor to the prime minister, said.
The tax-GDP ratio in Bangladesh is low compared to other South Asian nations. And it needs to be increased as revenue generation is vital for a country's economy, Salman said on Thursday.
"In the last fiscal year, the National Board of Revenue was able to bring 55,000 new taxpayers under the net but it is not enough," he added.
"And the government is working to upgrade and modernise the overall revenue structure in the country."
Salman was addressing a meeting with the Dhaka Chamber of Commerce and Industry (DCCI).
"The third terminal of Hazrat Shahjalal International Airport is under constructed and the government also plans to upgrade Cox's Bazar Airport to international standards soon, for which revenue is essential," he said.
DCCI President Rizwan Rahman told the meeting: "In the post-LDC era, Bangladesh will have to fulfil 27 conventions to get the Generalised Scheme of Preferences (GSP) facility for exporting into the European Union market."
So he proposed forming a "National Strategy Committee" engaging all stakeholders and mapping the preparedness roles and time-bound actions for all relevant agencies.
Rizwan also asked for an effective introduction of integrated OSS with skilled human resources from all relevant service delivery agencies to make the business process simpler for the investors.
"The companies act sets the capital limit of Tk2.5 lakh and sales transaction valued Tk1 crore to register an OPC business which needs to be rationally relaxed to encourage new and potential small start-up registrations, the DCCI president said.
Source: United News of Bangladesh