The government can expect to save up to Tk 5,500 crore for the austerity measures taken so far to preserve the foreign exchange reserves and tame inflation, according to the finance ministry.
The regular taxpayers will feel discouraged if there remains an option to whiten money by paying only 7 per cent tax, said Humayun Rashid, president of IBFB.
Lawmakers of both the ruling and the opposition parties heavily criticised Finance Minister AHM Mustafa Kamal yesterday for his budget proposal of legalising laundered money for a 7 percent tax.
Simplification of tax administration and proper infrastructure development are needed to attract more foreign direct investment (FDI) in Bangladesh, analysts said in a roundtable today.
Achieving the huge proposed budget for fiscal year 2022-23 in the post-pandemic period is a huge challenge for the government but it is not impossible, said Md Mamunur Rashid, president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).
The former Bangladesh Bank governor also stressed the need for cutting unnecessary spending and allocating more for social safety, education and health.
The government has made a timely proposal to impose 12 per cent tax on general industries and 10 per cent on green industries, the Institute of Chartered Accountants of Bangladesh (ICAB) said today.
The top IT trade body Bangladesh Association of Software and Information Services (BASIS) today said the proposed budget did not reflect the industry’s demands for the development of the sector.