On the other hand, like many other competing countries, it may be worthwhile to consider commercial agriculture for new tax collection. It is even worth considering the difference in taxation between domestic and foreign institutions in the interest of investment. Records show good tax payment history for foreign companies, and encouraging them could increase investment.
Therefore, the upcoming national budget should not just be an opportunity to meet revenue collection targets; It should outline a framework for investment and development. Formulating a supportive tax policy instead of a punitive tax policy can remove economic stagnation and bring new momentum. Our revenue development authority needs to move beyond traditional or historical structures and soberly consider the experiences or situation of revenue collection in competing countries.
Almost every year in pre-Budget discussions, revenue officials engage with stakeholders, listen and promise some changes, but these promises are rarely reflected in the final outcome. New taxes are imposed on those who pay taxes or the process of paying taxes is made more complex and painful. Meanwhile, the burden of indirect taxes falls heavily on the poor. We definitely want change here. We need prevention of tax evasion and expansion of tax area.
#Mamun Rashid is an economic analyst.
*The views expressed here are the author’s own.
#This article, which was originally published in Prothom Alo print and online editions, has been rewritten in English by Rabiul Islam