The New Nation - Internet Edition

THE economy of the country ravaged by inflation and disasters is in dire need of an investment and business friendly atmosphere. This was reflected at a recent view exchange meeting between the National Board of Revenue (NBR) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). In the meeting, leaders of the apex body of the business community placed a number of suggestions before the NBR chairman for creating a smooth ground for economic activities. In response, the NBR chairman expressed his intention 'to establish an investment, business and tax-friendly atmosphere in the country under a knowledge-based tax administration'.

Stressing the need for giving protection to local industries and making them competitive in the global market, chamber leaders suggested that NBR should follow a realistic duty policy on raw materials, intermediate goods and finished products. Protection of local industries is indispensable for the economic growth of the country. It can be mentioned that the contribution of the industries sector to foreign exchange earning is the highest. Without due protection of the industries the whole national economy will be in jeopardy. And only a rational revenue policy, among others, can help them function smoothly. The NBR chairman assured the business community leaders of a logical and fair tax system in the country.

The NBR is going to issue a 'Citizen Charter' very soon with a view to ensuring transparency of its activities. The Charter is intended to inform the people about the progress of NBR's performance. Transparency and accountability is essential not only for good governance but also for gaining confidence of the business community. It can be recalled that, due to a fear factor following the anti-corruption drive of the present government, the business community showed reluctance to do investment, import and export business and other economic activities. It is hoped that transparency and accountability as assured by the NBR chairman would help remove the fear.

The NBR chairman opined in favour of working in consultation with business leaders and sought suggestions and recommendations including analytical information from them. It is expected that this policy along with the formation of the Better Business Forum and others would bridge the gap between the government and the business community and would enhance mutual understanding. NBR should improve its revenue collection system to encourage the business community to invest in different sectors. The government should review issues related to investment considering the sluggish trend in domestic investment. The revenue policies should also be such that the business community does not turn its face away and instead feels encouraged to pay their taxes duly.