Pre-Budget Discussion With NBRBangladesh needs higher tax-GDP ratio to achieve Vision 2041: FICCI

The Foreign Investors' Chamber of Commerce and Industry (FICCI) emphasised the need for Bangladesh to elevate its tax GDP ratio to 22% to realise Vision 2041.

FICCI President Zaved Akhtar made the statement during a pre-budget discussion hosted by the National Board of Revenue (NBR) on Wednesday at NBR's conference room in the capital.

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting.

Led by FICCI President, the delegation presented proposals for the National Budget 2024-25, stressing the importance of private sector collaboration to achieve this ambition.

Akhtar highlighted FICCI's commitment to contributing over 30% of the government's total revenue and expressed readiness to partner in the nation's progress.

FICCI underscored the necessity for a comprehensive Integrated Digital Architecture to track economic transactions and ensure tax compliance.

The chamber also commended the revenue board's efforts in digitising tax-related processes while advocating for simplification and automation to enhance revenue generation.

To broaden the tax base, FICCI proposed immediate integration with government agencies like City Corporations and Land Registration, aiming to bring more taxpayers into the fold. Additionally, FICCI shared its research report on catalysing greater Foreign Direct Investment (FDI) to support Bangladesh's transformation and outlined recommendations for optimising tax systems and resolving import-export issues promptly.

Established in 1963, FICCI represents multinational companies across 35 countries and 21 sectors, contributing significantly to Bangladesh's economic growth. With member companies contributing around 30% of internal revenue and over 90% of inward FDI, FICCI remains aligned with the government's vision for a "Smart Bangladesh."

The proposals presented by FICCI underscore the imperative for strategic tax reforms to propel Bangladesh towards achieving its ambitious economic objectives outlined in Vision 2041.