Monday, 6 February, 2023

IMF lauds Bangladesh's achievements as 'extraordinary': Kamal

Finance Minister AHM Mustafa Kamal today said that the International Monetary Fund (IMF) lauded highly the achievements of Bangladesh terming it as "extraordinary".

"Few weeks back, an IMF mission visited Bangladesh to see the position of Bangladesh in the economic fronts. Then they made such comments," he said.

The Finance Minister said this while addressing a function marking the National VAT Day held at a city hotel. National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem presided over the function while its member Zakia Sultana presented the key-note paper.

Some nine highest VAT paying companies and firms were given certificates this time at the function marking the National VAT Day.

Speaking on the occasion, Kamal said whatever achievements Bangladesh has made so far are not only because of the sole efforts of the government, but also for the association of all people of the country. "I'm indebted to all the valued taxpayers in this regard." 

Highlighting the successes of Bangladesh in the different socio-economic areas over the last 14 years, he mentioned that the size of the economy now stood at US$465 billion which was only US$100 billion when the Awami League-led government assumed office back in 2009.

"During this period, the per capita income rose to US$2,864 up from US$600," he said urging the countrymen to pay their due tax properly to turn Bangladesh as a higher middle income country and thus a prosperous developed country within the timeframe set by the government.

NBR Chairman Muneem said although Bangladesh would face some challenges in terms of revenue collection following the LDC graduation but those could be dealt with successfully.

He noted that apart from manufacturing products having potentials of value addition, diversified products can also be manufactured to boost the export basket.

Side by side, the NBR Chairman said that revenue collection can also be enhanced through expansion of trade, commerce and industrialisation. "The NBR will extend necessary policy support in this regard," he assured.

Muneem said that the capacity of the revenue management is also being enhanced through automation so that the esteemed taxpayers can avail such environment to pay their taxes voluntarily.

Besides, he informed that the number of VAT offices is also being increased alongside increasing the number of skilled manpower.

Speaking on the occasion as the special guest, president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md Jashim Uddin urged the revenue board not to harass those taxpayers who pay taxes regularly. He also suggested for widening the tax net through reducing the tax rate.

The names of the companies getting highest VAT paying awards this time are: Manufacturing Category-- Olympic Industries, Ibne Sina Pharmaceuticals and Industries and SMC Enterprise Business Category-- Walton Plaza, Agora Limited and Unimart Limited Services Category-- bKash Limited, IFIC Bank and Nagad Limited.