Prime Minister’s Private Industry and Investment Adviser Salman F Rahman on Friday said Bangladesh Bank (BB) has taken the right decision by fixing the dollar exchange rate.
“The taka will continue devaluing as the dollar strengthens. Yesterday (8 May), the Bangladesh Bank made significant decisions regarding both the exchange rate and interest rates,” he added.
Salman said this while addressing as the chief guest at the inaugural ceremony of the 29th Annual US Trade Show at the InterContinental Hotel in the city.
He said the National Board of Revenue (NBR) has been taxing those within the tax net more, while those outside the tax net are left untouched.
“We need to reverse this trend by widening the tax net and lowering the tax rates; this is the only way to increase revenue,” he said.
He said, “The policy, which the NBR has been following, does not really deserve praise; if it did, our tax-GDP ratio would not be decreasing; it should be increasing.”
He also said, “One of our major challenges is the tax and VAT regime; we need to change our tax regime as our tax-GDP ratio is the lowest in South Asia.”.
The PM’s advisor said the government is carefully considering real measures to widen the tax net.
“We need to digitise our tax, VAT, and customs management at the border level and move everything online.”
The advisor hoped that Bangladesh will be able to overcome the challenges ahead, which are not unique to Bangladesh but are faced by many other countries as well.
The 29th Annual US Trade Show is co-sponsored by the American Chamber of Commerce in Bangladesh (AmCham) and the United States Embassy, Dhaka.
State Minister for Posts, Telecommunications and Information Communication Technology Junaid Ahmed Palak was also the special guest. AmCham President Syed Ershad Ahmed and US Ambassador to Bangladesh Peter Haas also spoke at the event.
Salman said American companies are contributing to Bangladesh’s economy by bringing their technology here.
He also urged US investors to act as ambassadors for Bangladesh to attract more Foreign Direct Investment (FDI).
Since 1992, the Annual US Trade Show, a three-day-long exhibition, has emerged as Bangladesh’s premier annual business event, drawing thousands of visitors each time.
