NBR in Bangladesh explores ways to streamline bond facilities

06 Feb '24

2 min read

Pic: Adobe Stock

Insights

The National Board of Revenue emphasised the need to diversify Bangladesh's limited export portfolio for enhanced trade and to address forex shortages effectively.
During a meeting with economic reporters in Dhaka, NBR chairman Abu Hena Md Rahmatul Muneem conveyed his commitment.
Muneem discussed important issues in the pre-budget consultation.

The National Board of Revenue (NBR) of Bangladesh is actively considering the simplification of bond facilities, aligning with efforts to diversify Bangladesh's limited export portfolio, a strategy aimed at fortifying trade capabilities to address foreign exchange shortages.

NBR chairman Abu Hena Md Rahmatul Muneem expressed this commitment during a recent meeting with the economic reporters in Dhaka.

In his capacity as senior secretary at the Internal Resources Division (IRD), Muneem addressed these matters during a pre-budget consultation with the Economic Reporters Forum (ERF) at the NBR office.

The ERF presented a comprehensive set of proposals for the government's revenue authority to contemplate in preparation for the fiscal 2024-25 budget.

Among the suggestions set forth by the forum are the gradual reduction of import tariffs to navigate the challenges associated with Bangladesh's transition to middle-income status and the advocacy for a unified VAT rate set at 7.0 per cent.

This discourse underscored the importance of fiscal measures in aligning economic policies with the evolving needs of the nation.

At the meeting, ERF president Refayet Ullah Mirdha delivered the welcome speech, highlighting the significance of collaborative efforts, while ERF member Doulot Akter Mala presented the forum's comprehensive budget proposals for the upcoming fiscal year on behalf of its members.

This engagement highlights the crucial dialogue between the government institutions and economic stakeholders in shaping the financial trajectory of Bangladesh.

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