Economic Reporter :
Finance Minister Abul Maal Abdul Muhith said that revenue collection will be increased by creating revenue friendly environment and increasing tax net without hassle the people.
He said that in comparison to developed countries and neighbors, the GDP ratio in Bangladesh will be raised to 20 percent by 2020.
The views came from a discussion on the occasion of 10th International Customs Day organized by the National Board of Revenue (NBR) on Friday evening in the city.
Commerce Minister Tofail Ahmed, Economic Affairs Adviser to the Prime Minister Dr. Moshiur Rahman, the parliamentary standing committee on the finance ministry Md. Abdur Razzak, FBCCI president Shafiul Islam Mohiuddin and NBR’s senior officials and business associations leaders, among others, took part in the program.
NBR Chairman Mosharraf Hossain Bhuiyan presided the program while the keynote paper was presented by Dhaka Customs House Commissioner Prakash Dewan. NBR member Khandaker Aminur Rahman delivered welcome speech in the program.
For contribution to revenue collection and preventing smuggling, 14 organizations, including officials of Customs Intelligence and Investigation Directorate and the Ministry of Commerce, had been awarded World Customs Organization (WCO) Certificate of Merit in the program.
The Finance Minister said that the government needs to collect revenue for the development of the country. In 2021, Bangladesh will be promoted to middle-income country. There is no alternative of raising revenue to be promoted to middle-income countries.
According to him, in the developed countries, the ratio of GDP is more than 20 percent but it is only 11 percent in Bangladesh. Our goal is to bring the tax GDP ratio to 20 percent by 2021.
For achieving the target, NBR need to become more dynamic and need to create revenue-friendly culture besides incrementing the revenue accumulation. In the last two years, the rate of income tax rate has become double which need to be increased further, the Finance Minister added.
Highlighting the international Customs Day, the Finance Minister said it is Customs duty to keep the border safe and facilitate international transactions. We are celebrating this day with the WCO to present customs achievements to the people.
Though the Customs was the main source of our revenue collection earlier due to international free trade we have re-planned our strategies. Now a large portion of the revenue comes from Income tax and VAT. To reduce the dependence on duty for revenue collection in the future, Customs will be used to prevent illegal import of restricted commodities. Customs will be added to new duty for maintaining border security. The main work of customs will be then to stop the imposition of money and stop import of unsolicited goods.
Tofail Ahmed said the government wants to be promoted in the digital middle income country in 2021. That’s why private sector and businessmen need to cooperate. NBR need to enhance cooperation with the traders for better success
Dr. Moshiur Rahman said Bangladesh Customs performs important role in order to ensure the import and export business accordingly.
Customs need focus on incentives where it is necessary. It is very important for the customs officials to conduct rituals and attitude towards industrialization. They have to make the right use of their power and stop the abuse of the law.
Finance Minister Abul Maal Abdul Muhith said that revenue collection will be increased by creating revenue friendly environment and increasing tax net without hassle the people.
He said that in comparison to developed countries and neighbors, the GDP ratio in Bangladesh will be raised to 20 percent by 2020.
The views came from a discussion on the occasion of 10th International Customs Day organized by the National Board of Revenue (NBR) on Friday evening in the city.
Commerce Minister Tofail Ahmed, Economic Affairs Adviser to the Prime Minister Dr. Moshiur Rahman, the parliamentary standing committee on the finance ministry Md. Abdur Razzak, FBCCI president Shafiul Islam Mohiuddin and NBR’s senior officials and business associations leaders, among others, took part in the program.
NBR Chairman Mosharraf Hossain Bhuiyan presided the program while the keynote paper was presented by Dhaka Customs House Commissioner Prakash Dewan. NBR member Khandaker Aminur Rahman delivered welcome speech in the program.
For contribution to revenue collection and preventing smuggling, 14 organizations, including officials of Customs Intelligence and Investigation Directorate and the Ministry of Commerce, had been awarded World Customs Organization (WCO) Certificate of Merit in the program.
The Finance Minister said that the government needs to collect revenue for the development of the country. In 2021, Bangladesh will be promoted to middle-income country. There is no alternative of raising revenue to be promoted to middle-income countries.
According to him, in the developed countries, the ratio of GDP is more than 20 percent but it is only 11 percent in Bangladesh. Our goal is to bring the tax GDP ratio to 20 percent by 2021.
For achieving the target, NBR need to become more dynamic and need to create revenue-friendly culture besides incrementing the revenue accumulation. In the last two years, the rate of income tax rate has become double which need to be increased further, the Finance Minister added.
Highlighting the international Customs Day, the Finance Minister said it is Customs duty to keep the border safe and facilitate international transactions. We are celebrating this day with the WCO to present customs achievements to the people.
Though the Customs was the main source of our revenue collection earlier due to international free trade we have re-planned our strategies. Now a large portion of the revenue comes from Income tax and VAT. To reduce the dependence on duty for revenue collection in the future, Customs will be used to prevent illegal import of restricted commodities. Customs will be added to new duty for maintaining border security. The main work of customs will be then to stop the imposition of money and stop import of unsolicited goods.
Tofail Ahmed said the government wants to be promoted in the digital middle income country in 2021. That’s why private sector and businessmen need to cooperate. NBR need to enhance cooperation with the traders for better success
Dr. Moshiur Rahman said Bangladesh Customs performs important role in order to ensure the import and export business accordingly.
Customs need focus on incentives where it is necessary. It is very important for the customs officials to conduct rituals and attitude towards industrialization. They have to make the right use of their power and stop the abuse of the law.
