IMF lauds Bangladesh’s achievements

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

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.

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