IMF said Bangladesh’s progress has been outstanding

Finance Minister AHM Mustafa Kamal today said the International Monetary Fund (IMF) had praised Bangladesh's economic progress as "outstanding".

"The IMF opened its heart and described Bangladesh's achievements as outstanding," he said at an award-giving ceremony for the top VAT payers at the InterContinental Dhaka.

When the current Awami League government came to power in 2009, Bangladesh's GDP was $100 billion. This has increased almost four and a half times and now stands at $465 billion. The per capita income increased from $686 to $2,866.

"Bangladesh has reached this position because of the contribution of the business community," he said, adding that it is the responsibility of the well-off citizens to uplift the poor and the marginalised.

If Bangladesh is to achieve its targets of implementing Sustainable Development Goals by 2030, becoming a higher middle-income country by 2031 and a developed nation by 2041, taxes must be paid, Kamal said.

The business people and the National Board of Revenue need to work together more, he said, adding that some initiatives are being taken to modernise the VAT department.

"If businesspeople are more sincere in paying VAT, then the revenue will further increase," he added.

At the event, which the NBR organised to mark the 12th National VAT Day and the ongoing VAT Week, Kamal presented certificates and awards to the nine firms that paid the highest VAT in the production, business and service sectors at the national level.