Former National Board of Revenue (NBR) Chairman Dr. Muhammad Abdul Mazid emphasized the need for comprehensive automation within the NBR to improve Bangladesh’s tax-to-GDP ratio.
Speaking at a roundtable discussion organized by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Economic Reporters’ Forum (ERF), he stated that such automation could resolve approximately 60% of the board’s issues.
He also advocated for necessary reforms to the revenue collection law, which has remained unchanged for 53 years, suggesting the formation of a skilled committee to oversee these changes. Dr. Mazid noted that if corporate governance had been effectively implemented, it could have mitigated financial crises in banks and increased tax revenues.
Other speakers, including Dr. Nasiruddin Ahmed and Towfiqul Islam Khan, echoed the sentiment that a business-friendly tax policy and digitalization are crucial for enhancing tax collection and preventing evasion. They highlighted the importance of permanent policy measures to ensure stability in tax governance.
Dr. Masrur Reaz proposed creating a unique taxpayer identification system to simplify compliance and improve transparency regarding tax expenditures. The discussion underscored that Bangladesh’s current tax-to-GDP ratio, reported at 7.3%, lags behind many Asian countries, necessitating urgent reforms to bolster revenue generation and economic growth.
