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‘Tax net should be increased not the tax rate’

Desk Report || risingbd.com

Published: 20:12, 27 May 2023   Update: 08:18, 28 May 2023
‘Tax net should be increased not the tax rate’

Foreign Minister Dr AK Abdul Momen opined that the authority should increase the tax net, not the tax rate.

The minister said this while addressing a program organized by Economic Reporters Forum (ERF) in the capital on Saturday (May 27).

He said the rate of tax is too high in Bangladesh. That’s why tax evasion is also high here. To increase tax net, tax return can be made mandatory for those who have national identity cards. This system exists in many countries including the United States.

In the remembering program, the foreign minister also said when Abul Mal Abdul Muhith was the finance minister, I proposed to reduce the tax rate. He agreed with me. However, that did not go forward due to bureaucracy. If all NID holders are brought under the tax net, the tax GDP rate will increase by 7 to 8 percent.

Bangladesh Bank former governor Fazle Kabir and former finance secretary Mahbub Ahmed, ERF president Mohammad Refayet Ullah Mirdha, former finance secretary of EFR also risingbd special corresponded KMA Hasnath and others attended the function.