The BRAC Business and Economics Forum of BRAC University hosted a post-budget discussion on the proposed budget for the fiscal year 2023-24 on Saturday, June 03, 2023. Dr. Salehuddin Ahmed, Former Governor, Bangladesh Bank and Professor, BRAC Business School, Dr. Mirza Azizul Islam, Former Advisor to the Caretaker Government and Professor, BRAC Business School, Mr. Mominul Islam, CEO, IPDC Finance Limited, Mr. Snehasish Barua, FCA, Partner, Snehasish Mahmud & Co. spoke at the event. Considering the global economical condition, the speakers referred to this year's budget as an important one. There are many positive things in this budget but implementation will be one of the biggest challenges for the government, they said.
Dr. Mirza Azizul Islam mentioned that the overall size of the Budget is not that much big. …Though the size of the budget is small, there is less possibility of getting the budget implemented. He emphasized on ensuring maximum tax collection from the TIN (Tax Identification Number) no. holders. The number of tax collection is not that significant from the TIN no. holders. Instead of increasing the amount of tax rate, he suggested on increasing the scope of tax collection.
The budget has several directions for building a smart Bangladesh. There are tales of achievements and expectations but it lacks proper directions for almost everything, said Dr. Salehuddin Ahmed. He mentioned that raising the tax ceiling to 3 Lac Taka is appropriate but the idea of 2000 Taka minimum tax is contradictory. Dr. Salehuddin also asked the government to take proper action against loan defaulters, corruptions and money laundering.
(Disclaimer - The comments mentioned in this news are the individual viewpoints of the speakers. This is not the position of BRAC University)
The government had to consider several challenges before proposing this budget, said Mr. Mominul Islam. He said that people want infrastructural developments but they also want good governance, better law and enforcement situation, fair judiciary system and business friendly environment. Private sector always supports government in revenue earning but they also expect that they will also get the services in return. He asked the government to make sure that no one gets harassed for doing business and also to provide incentive to the businessman when needed.
Mr. Snehasish Barua, discussed the possible smart and digital ways of revenue collection and several sides of Income Tax Law. His talk mainly focused on the importance of digitalization of revenue collection and its outcome.
At the end of the discussion, the speakers answered various questions about the budget from teachers, students and invited guests of BRAC University. The budget discussion was moderated by Tania Akter, Senior Lecturer, BRAC Business School.