Bangladesh needs to raise tax:GDP ratio to 22% from 8.74%: FICCI

09 Feb '24

1 min read

Bangladesh needs to raise tax:GDP ratio to 22% from 8.74%: FICCI

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Bangladesh should raise the tax to GDP ratio from 8.74 per cent now to 22 per cent to achieve Vision 2041 targets, the Foreign Investors' Chamber of Commerce and Industry suggested recently.
There is also a need for a comprehensive and integrated digital architecture for the country to track economic transactions and attract dues from taxpayers, it noted.

Bangladesh should raise the tax to gross domestic product (GDP) ratio from 8.74 per cent now to 22 per cent to achieve Vision 2041 targets, the Foreign Investors' Chamber of Commerce and Industry (FICCI) suggested recently.

To achieve this target, the private sector's cooperation will be indispensable, FICCI president Zaved Akhtar said while presenting the chamber’s suggestions at a pre-budget meeting organised by the National Board of Revenue (NBR).

FICCI, representing around 210 foreign companies operating in Bangladesh, has been contributing more than 30 per cent of the total government revenue, Akhtar, who led the delegation at the meeting, noted.

There is also a need for a comprehensive and integrated digital architecture for the country to track economic transactions and attract dues from taxpayers, along with simplification of the taxation system and elimination of manual processes for ease of compliance and reporting, a domestic news agency cited FICCI as recommending.

Fibre2Fashion News Desk (DS)

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