Finance Minister wants 20pc of tax-GDP by 2021

Economic Correspondent: Finance Minister AMA Muhith has said the Government is planning for increasing the contribution of tax in GDP through increasing the tax-GDP ratio to 20 percent by 2021.

"The tax-GDP ratio in many countries is above 20 percent. But, in Bangladesh, the ratio is about 11 percent," he said while speaking as the chief guest at a function marking the International Customs Day at Sonargaon hotel in the city on Friday.

National Board of Revenue (NBR) organized the event to honour six organizations and 14 customs officials on the occasion of the day.

Commerce Minister Tofail Ahmed, Prime Minister's Economic Affairs Adviser Dr Mashiur Rahman, Chairman of the Parliamentary Standing Committee on Finance Dr Abdur Razzak and FBCCI President M Shafiul Islam Mohiuddin and Director General of the Custom Intelligence and Investigation Departments Dr Moinul Khan spoke on the occasion.

NBR Chairman Mosharraf Hossain Bhuiyan presided over the function.

Muhith said the government is providing special focus on income tax and Value Added Tax (VAT) to increase the tax-GDP ratio. People are showing much interest paying tax as the number of taxpayers is increasing day by day, he added.

Tofail Ahmed said Bangladesh has become a role model of development as the country is implementing the budget through own finance.

"Digital Bangladesh is not a dream now. Now, it is a reality. We are moving forward to middle income country," he added.

risingbd/Dhaka/January 26, 2018/MA Rahman/A K Azad