Finance Adviser expresses concern over foreign investment

Finance Adviser Dr Salehuddin Ahmed has expressed doubts over securing substantial foreign investment, urging the government to focus on enhancing internal revenue collection.

He emphasized the need to reduce the time required for revenue collection.

Speaking at a discussion titled "Changes in Direct Taxes through the Finance Act, 2024," organized by the Bangladesh Civil Service (Taxation) Association at the NBR Multipurpose Hall on Saturday, Dr Saleh said: "We cannot evade this issue directly. However, we have an indirect problem – revenue collection should not come with unnecessary hardship."

Addressing tax officials, Dr Salehuddin stressed that taxpayers should not be intimidated, and justice should be ensured.

He also highlighted the importance of reducing government spending and prioritizing internal revenue generation over foreign loans.

National Board of Revenue (NBR) Chairman Abdur Rahman Khan, who was also present at the event, assured that taxes would not be collected by force.

"From now on, taxpayers will be given relief, not oppression," he said while announcing plans to make NBR laws more business-friendly. He also encouraged online return submissions.

Dr Salehuddin further acknowledged that the revenue paid by taxpayers is often wasted, adding that NBR must work towards addressing this issue.

Md Lutful Azim, president of the Bangladesh Civil Service (Taxation) Association, called for reforms in income tax as part of the interim government's broader reform initiatives.

He emphasized the importance of automation and advanced training for tax officials, suggesting that a Tk1,000 crore investment in these areas could lead to a Tk5,000 crore increase in revenue collection.