Commerce adviser calls for sectoral approach to raise VAT, tax for economic growth
Bashir Uddin highlighted the barriers to Foreign Direct Investment (FDI), noting the negative impact of high tariff values on competitiveness
Highlights
- Commerce Adviser proposed a 50% increase in VAT and taxes.
- He called for a sectoral approach to VAT collection, targeting industries like steel and ceramics.
- The Adviser criticised VAT evasion and the laundering of Tk28 lakh crore and called for accountability.
Commerce Adviser Sheikh Bashir Uddin has called for a sectoral approach to increasing VAT and taxes, urging businesses to adopt measures for national growth while honouring the sacrifice of the 2,000 martyrs of the July mass uprising.
Speaking at a seminar today (25 December) in Chattogram titled "Navigating Bangladesh's Evolving Economic Landscape," Bashir Uddin proposed a 50% increase in VAT and taxes to enhance the country's economy.
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"Represent your businesses by passing a resolution. Unite and increase VAT and taxes by 50%. This will improve the country," he said during the event organised by the Institute of Cost and Management Accountants of Bangladesh at Radisson Blu Chattogram Bay View.
"I have requested the NBR chairman to adopt a sectoral approach. Target the steel industry and bring everyone under one umbrella. Similarly, targets the ceramics industry. Collaboration and a level playing field must be established. It's time for change. Let's claim citizenship" he added.
Bashir Uddin highlighted the barriers to Foreign Direct Investment (FDI), noting the negative impact of high tariff values on competitiveness.
He also criticised VAT evasion practices, stating, "VAT cannot be paid without falsifying sales figures. Collaboration between VAT and tax is needed. Businesses must collectively agree to increase VAT by 50%, eliminating current practices that harm everyone."
Addressing ethical lapses in financial management, he referred to the laundering of Tk28 lakh crore and questioned the accountability of chief accountants and financial officers.
"Are company CAs and CFOs not accountable for this? If we cannot uphold ethical practices now, it will all be in vain," he said.
Notable attendees included Commerce Secretary Md Selim Uddin, NBR Chairman Md Abdur Rahman Khan, and BSRM Group Chairman Alihussain Akberali.
