Abu Sazzad :
The government plans to impose minimum tax on every individual with a view to boosting country’s revenue income, said Finance Minister Abdul Maal Abul Muhith on Saturday.
“It is very shameful that only 1.1 million people in the country pay tax. Every individual have to pay minimum tax and the government has been studying the issue for a long time”, said the minister while addressing a seminar on ‘Pre-Budget Discussion of 2015-16’. The seminar, organized by Policy Research Institute (PRI) in the city’s Banani, was presided over by PRI Chairman Dr Zaidi Sattar.
Metropolitan Chamber of Commerce and Industry (MCCI) President Nasim Manjur, Former Governor of Bangladesh Bank Dr Farashuddin, Centre for Policy Dialogue (CPD) Executive Director Dr Mustafijur
Rahman, Association of Bankers Bangladesh (ABB) Vice-Chairman Anis A Khan were present, among others.
PRI Vice-Chairman Sadiq Ahmed and Executive Director Dr Ahsan H Mansur presented key- note papers.
The NBR has not been successful to achieve the target of revenue during the last fiscal, claimed PRI Vice-Chairman in his key-note paper.
It recommended some specific agenda for increasing revenue collection during the fiscal 2015-16 by imposing more tax on tobacco products, collecting tax from monthly salary, increasing the number of tax payers, increasing tax on RMG and Knitwear exports and introducing property tax.
PRI Vice-Chairman underscored the necessity of imposing more tax on low categories of cigarettes and bidi. Currenty, 47 per cent smokers depend on bidi but this sector contributes only 2-3 per cent. On the other hand, the share of the low category of cigarettes increased from 30 per cent to 63 percent in last six years. He suggested for increasing tax on bidi and low categories of cigarettes, which would encourage to give up smoking.
The difference of rate of interest between deposit and lending is five per cent. It should be reduced to two per cent”, insisted the MCCI President Nasim Manjur. He also demanded decrease of the lending rate of the financial institutions. Sanction of single digit loan by commercial banks is not practicable if the existing interest on government saving certificates exists in the market, mentioned the MCCI president. CPD Executive Director Mustafizur Rahman said, the main challenge of the upcoming budget is to increase investment. Former Governor of Bangladesh Bank Farash Uddin suggested for discouraging the import of dry milk.
