News Desk: National Board of Revenue (NBR) Chairman Abu Hena Mohammad has said that local industries will be given importance in the coming 2021-22 budget to strengthen the economy. Rahmatul Munim.

The NBR chairman said he was working on which sectors would help increase local production and reduce dependency.

This was stated by NBR Chairman Abu Hena at a pre-budget discussion meeting with the Economic Reporters Forum (ERF), an organization of economic journalists. Rahmatul Munim.

We want to help local industries in production. I am seeing that if any assistance is given, the domestic economy will be dynamic and the production of different products will increase.

The NBR chairman said, ‘We want to help local industries in production. He said that if any assistance is given in any place, the domestic economy will be dynamic and production of different products will increase. He also highlighted some of the steps taken by the NBR to increase revenue collection. He said the NBR is being linked with other government and non-government organizations to bring people who have taxable income in particular but are out of the tax.

Taking part in the discussion, ERF President Sharmin Rinvi put forward some proposals aimed at increasing revenue collection and assisting taxpayers in the current situation. He proposed to increase the tax-free income limit of individual taxpayers to Tk 4 lakh.

Bangladesh will have to enter into a Free Trade Agreement (FTA) or a Preferential Trade Agreement (PTA) in order to survive in export trade in the event of the withdrawal of duty-free facilities. The NBR will have to prepare for this from now on with the aim of possible tariff exemption.

ERF General Secretary SM Rashidul Islam advised the NBR to be prepared to face future challenges after the transition from Least Developed Countries (LDCs). He said Bangladesh would have to enter into a Free Trade Agreement (FTA) or a Preferential Trade Agreement (PTA) if it was to survive in export trade in the wake of the withdrawal of duty-free facilities. The NBR will have to prepare for this from now on with the aim of possible tariff exemption.

In the pre-budget discussion, the ERF members proposed that the budget session should start in the morning instead of in the afternoon, speed up tax reform reforms, and reduce tax complexities in attracting investment. He also urged the formation of a public-private tax committee to hold a review meeting every three months on the implementation of revenue decisions. At the same time, the ERF members proposed to set up a separate department to analyze the impact of other revenue decisions on the parties concerned, after reviewing whether those who are given government revenue concessions are availing the benefits.

ERF members believe that the existing black money investment policy is discouraging taxpayers and encouraging illicit income. Therefore, they proposed to change the law to legalize only the legally earned-undisclosed income subject to prescribed taxes and fines. The discussion was attended by senior members of the organization including the Executive Council of ERF.