Economy
NBR Adopts Three-Pronged Approach for Revenue Growth
The National Board of Revenue (NBR) is implementing a comprehensive strategy to substantially increase revenue collection from domestic sources, focusing on digital transformation, tax net expansion, and administrative capacity enhancement.
According to an official document, the primary objective is to simplify and enhance transparency in tax payments, thereby improving taxpayer services to facilitate increased revenue collection by the NBR.
Major reform measures have been taken by the government, as outlined in the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Ministry.
The implementation of the VAT & Supplementary Duty Act 2012 in July 2019 is expected to significantly boost VAT and supplementary duty collection in the medium term, following initial setbacks and COVID-19-related challenges.
The enactment of the new Customs Act, replacing the Customs Act 1969, incorporates international best practices to streamline customs processes and facilitate custom duties collection.
Similarly, the new Income Tax Act aims to create a conducive environment for taxpayers, simplify income tax assessment and collection procedures, and promote domestic and foreign investment.
To support the implementation of the new VAT law, the NBR initiated the ‘VAT Online Project (VoP)’ in operation since 2013, enhancing automation measures such as online VAT registration, central registration system, and online return submission.
Additionally, electronic payment (e-payment) systems for customs duties, income tax, and VAT have been introduced to facilitate convenient and timely payments.
The government’s launch of the Automated Invoice Portal (A-Challan) aims to ensure real-time deposit of government funds, prevent fraudulent activities, and eliminate discrepancies in revenue collection.
Furthermore, various initiatives, including eTDS Environment for income tax processing, Electronic Fiscal Devices (EFD) for VAT collection, and mandatory use of NBR-prescribed VAT software for VAT-registered industries, have been implemented to enhance tax compliance and transparency.
The NBR plans to operationalize a risk management system to optimize import clearance processes, streamline bonded warehousing, and conduct a Time Release Study to improve customs clearance efficiency.
Efforts to expand the taxpayer base include making return submission mandatory for all TIN-holders and implementing measures such as Online National Single Window, Post Clearance Audit, and Advance Ruling to boost international trade dynamics.
Administrative expansion of the income tax department is also underway, along with the introduction of the Document Verification System (DVS) to enhance financial discipline and tax collection transparency.
Bangladesh and Egypt have affirmed their commitment to enhancing bilateral cooperation through regular foreign office consultations.
During a meeting between Foreign Minister Hasan Mahmud and Egyptian Foreign Minister Sameh Hassan Shoukry on Saturday afternoon, held on the sidelines of the 15th Organisation of Islamic Cooperation (OIC) Summit in Gambia, discussions were held on various matters of mutual interest. These included boosting trade and investment between the two nations and addressing the Rohingya crisis.
Foreign Minister Hasan Mahmud proposed mutual visa exemption and expanding trade with Egypt during the meeting. The Egyptian foreign minister agreed in principle to sign an agreement on diplomatic and official visa exemption.
Additionally, the Egyptian foreign minister pledged full support for the construction of the Chancery building of the Bangladesh mission in Egypt.
Following this, Deemah Al Yahya, Secretary General of the Digital Cooperation Organization (DCO), paid a courtesy call to Foreign Minister Dr Hasan Mahmud.
During the meeting, Al Yahya informed the Foreign Minister about the drafting of an agreement titled ‘Multilateral AI Agreement’ on the International Use of Artificial Intelligence by the member states of DCO.
Expressing sincere interest, Al Yahya accepted the invitation from the Foreign Minister to visit Bangladesh and witness the country’s progress in the field of information and communication technology. He expressed hope for expanding DCO’s cooperation with Bangladesh in this sector through the visit.
Prime Minister Sheikh Hasina today (25 April) called for speaking out against all forms of aggression and atrocities, and say ‘no’ to wars.
“We must speak out against all forms of aggression and atrocities, and say ‘no’ to wars,” she said adding that Bangladesh supports the UN Secretary General’s ‘New Agenda for Peace.
The prime minister was addressing the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) held at the ESCAP Hall (2nd floor), United Nations Conference Center (UNCC) here.
She arrived in Bangkok on Wednesday on a six-day official visit to Thailand.
The PM said the pre-condition for sustainable development is lasting peace and security.
“We must settle regional disputes and tension through dialogue. Our mutual respect for national sovereignty and territorial integrity must remain paramount,” she said.
Hasina called upon the Asia-Pacific region, especially ASEAN, to redouble their efforts to end Rohingya crisis as all efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle without it.
“The origin of their crisis has been in Myanmar, and its solution also lies in Myanmar,” she declared.
“As long as that solution remains out of reach, all our efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle. Let us redouble our efforts to put that puzzle back in place,” she said.
She said that in August 2017, when thousands of Rohingya men, women, and children from Myanmar fled to Bangladesh, Bangladesh offered them temporary shelter.
“With an ever growing population, this has now become one of the largest humanitarian situations in the world,” she said.
Sheikh Hasina said that In the backdrop of ongoing armed conflicts in Myanmar, the Rohingya repatriation process is also getting delayed.
“This is creating serious security risks within and beyond our territories,” she said.
She called upon the Asia-Pacific region, especially ASEAN, to play a proactive role in resolving the volatile situation in Myanmar.
“We must ensure that the Rohingya can go back home in safety and dignity at the earliest possible,” she said.
The prime minister said that the Asia-Pacific region must stand united against its common enemies of poverty and hunger.
She said Bangladesh has reduced poverty from 41.51 percent to 18.7 percent between 2006 and 2022.
It also reduced extreme poverty from 25.1 to 5.6 percent during the same period.
“We remain confident about eradicating extreme poverty by 2030,” she said.
She mentioned that Bangladesh has made notable progress on food security, with focused interventions on maternal and child nutrition.
“Our current priority is to address inequalities through income distribution, asset ownership, and social protection,” she said.
The prime minister said that Asia-Pacific region must put up a united front in tackling the climate crisis, biodiversity loss, and transboundary pollution.
“We need to push for ambitious climate financing goals beyond 2025 at COP-29. We need to cooperate on cross-border water management and air quality improvement. We must all prepare for growing extreme weather events,” she said.
In this connection, she suggested looking into Bangladesh’s experience in disaster risk reduction.
“We appreciate UN-ESCAP’s support in improving our early warning capabilities,” she added.
Briefly describing various development programmes and achievements of her govebrment, the prime minister said that much of the development gains are affected by climate impacts.
“As a low-lying delta, Bangladesh has no option but to invest heavily in climate resilience,” she said.
She mentioned that Bangladesh is already recognised as a global leader in climate adaptation.
“We are happy to share our traditional and innovative solutions with other vulnerable countries,” she said.
She said that Bangladesh has urged developed and emerging economies in the region to raise their time-bound emission reduction targets.
“For economies in transition, it is important to have a just energy transition.”
In Bangladesh, she said, “we are working on long-term energy security with a sound mix of clean and renewable energy.”
“We shall continue to do our part in pursuing a circular and low-carbon economic growth pathway.”
She underscored the need for increased and easy access to financing and technology from both the public and private sectors.
“I invite UN-ESCAP to help build the capacity of climate-vulnerable countries to mobilise adequate international climate financing.”
PM Hasina said that Bangladesh now provides critical links to the Trans-Asian Highway and Railway networks.
“Our physical and digital infrastructures are being developed to foster regional trade and connectivity.”
She said Bangladesh offers access to the Bay of Bengal for land-locked territories in its neighbourhood.
“We stand ready to work together with all regional partners through mutual understanding and cooperation,” said the prime minister.
Bangladesh and Qatar signed 10 cooperation documents on Tuesday, including five agreements and five MoUs, aimed at strengthening ties and elevating relations to new heights.
Prime Minister Sheikh Hasina and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani witnessed the signing of the documents.
The five agreements cover cooperation in the legal field, promotion and protection of mutual investments, avoidance of double taxation, maritime transport, and the establishment of a Joint Business Council (JBC) between FBCCI & QCCI.
The five MoUs include cooperation in sports and youth, manpower employment (Labour), diplomatic training, education, higher education, scientific research, and between Qatar Ports management Company “MAWANI QATAR” and Chittagong Ports Authority.
Earlier in the morning, PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.
They had a tête-à-tête meeting at the Prime Minister’s Office, followed by a bilateral meeting.
After signing the visitors’ book, the emir headed for Bangabhaban where the president received him.
A high-level Qatari delegation led by Qatar’s emir is on a state visit to Bangladesh at the invitation of the president and the prime minister.
During the ceremony, a road and a park in Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.
The park, constructed in Kalshi area of Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of Qatar.
Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park.
