Highlighting the needs to widening tax net in a bid to increase the Tax-GDP ratio, the Inatitute of Chartered Accountants of Bangladesh (ICAB) on Saturday paid thanks to the government for placing the Tk. 7 lakh 97,000 crore budget for the FY 2024-25.
"Despite having challenges like Dollar crisis, high level of inflation, global supply chain disruption, recession in employment and investment, the government has taken a challenge to implement Tk 2,65,000 Crore development budget which is courageous and will certainly help to graduate into a developed nation", said the ICAB President Md. Forkan Uddin FCA while addressing a post-budget press conference, held at the ICAB office, Karwanbazar in the capital.
He believed that joint move of ICAB and NBR in implementing Document Verification System (DVS) has contributed remarkably in earning more revenue. He thanked Finance Minister for mentioning the DVS contribution in expediting revenue income in his budget speech. Council Member and Chairman of Taxation and Corporate Laws of ICAB, Md. Humayun Kabir FCA, Vice President ABM Lutful Hadi FCA, Council Member and former President, Md. Monirujjaman FCA, Chie Execuive Officer (CEO), Sbubhashish Bosu spoke on the occasion among others.
They have praised the budgetary measures like reducing tax rate for private companies and OPC, reducing source tax on essential commodities, move to establish EFDM for widening VAT net etc.
Country's inflation rate goes nearly 10 percent, from the macroeconomic view point it indicates of high inflation, on this perspective the government's move to take Tk. 1,60,900 Crore loan from internal sources to mitigate budget deficit may further widen inflation, they said.
