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Bangladesh - Bank & Finance - 2 weeks ago

Now time to reform budget

Farhad Chowdhury : The new government has only been in place for a few months since the election. This is the best time to bring reforms in the budget. The country’s economy is going through various adversities and crises. In this situation, quality government expenditure management is essential to continue inclusive development. Along with this, attention should be given to increasing revenue collection through automated processes and eliminating distress in the banking sector.
Most importance should be given to controlling inflation. It is necessary to bring reforms in the budget to solve various ongoing problems.
Highlighting the budget and various plans of the government, the state minister for planning said that the size of the next budget may be around Tk 8 lakh crore. Preparation of Ninth Five Year Plan has started.
The budget is being prepared according to the vision plan, five-year plan and other plans. In the meantime, interest rates have been increased as an initiative to reduce inflation. Various initiatives are being taken to increase the tax-GDP ratio.
He said, we are not followers of free economy in real sense, we are followers of welfare economy. The election manifesto of the ruling Awami League will be reflected in the upcoming budget. The government has some other issues, the budget will be made keeping them in mind.
Naser Shahriar Zahedi said, common people do not want to know what is happening in the budget. They want commodity prices to come under control. This matter should be given the most importance in the next budget. It should be ensured that what is done in the budget to keep the price of goods within the affordability. Along with this, attention should be paid to improving the quality of education and employment.
He said that there is a tehsil office to collect land rent at the union level. And there are tax officers up to the district level. People’s income has also increased at the upazila level; But the taxpayer did not increase. Common tax payers are discouraged by giving extra opportunities to tax evaders or corrupt people.
Dr. Mohammad Abdur Razzak said major reforms are needed in the next budget. Attention should be paid to the quality. Deciding whether to reform before the election was difficult. But now is the right time to reform after the elections.
Professor M Abu Yusuf, Executive Director of RAPID, presented the keynote speech at the event. He said that indirect taxes are still high in the country. But direct taxes are high in the developed world. So far, these places have not been reformed. Now there is an opportunity to reform. Implementation initiatives should be taken throughout the year rather than rushing at the end of the year.
The former chairman of the National Board of Revenue (NBR) Mohammad Abdul Majid said that the budget is being prepared and passed; But it is not being implemented. To get out of this situation, a lot of reforms are needed in the budget. Parliamentary committee involvement in budget formulation should be increased. He said political will is needed to make NBR’s tax collection process completely online. In this case, enforcement should be increased with the participation of all institutions. At the same time, he considered the long-term inflation of more than 9 percent as diabetes of the economy. Urged to give utmost importance to get out of this situation.
DCCI President Ashraf Ahmed said that necessary steps should be taken through reforms in the next budget to deal with the current economic problems. So that business management is easy. If the businessmen cannot do business, the ability to pay taxes will decrease, which will increase the overall economic crisis of the country.

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