DHAKA, April 30, 2024 (BSS) - State Minister for Finance Waseqa Ayesha Khan today laid emphasis on rationalising tax exemptions to meet the revenue generation targets curbing tax evasion.

"I personally think tax exemptions need to be rationalised. In many cases, tax holidays are given up to 25 years in advance for business expansion. They have been getting this benefit for a long time. Now it is appropriate for them to go their own way," she said.

The state minister said this while speaking as the chief guest at a discussion titled 'Bangladesh's Domestic Resource Mobilisation: Imperatives and a Roadmap' organised by Policy Research Institute (PRI) at a hotel in the city.

The event was attended by Prime Minister's Economic Affairs Adviser Dr Mashiur Rahman, National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem, PRI Executive Director Ahsan H Mansur, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Mahbubul Alam, Metropolitan Chamber of Commerce and Industry (MCCI) President Kamran T Rahman, Chattogram Stock Exchange (CSE) Chairman Asif Ibrahim, former NBR chairman Mohammad Abdul Majid, and former NBR member (VAT policy) Jahangir Hossain among others.

Mashiur Rahman said it is better to leave the determination of bank interest rate to Bangladesh Bank as there are different refinancing schemes - with different interest rates. So it is appropriate to leave the bank interest to Bangladesh Bank," he added.

NBR chairman said, "Everyone enthusiastically says that the tax-GDP ratio in the country is disappointing. But I don't see it that way. It is not right to compare it with that of Somalia or Congo. If you compare with those countries, you have to compare all the parameters."

He also said, "The important thing is to look at the source of revenue of those who have a high tax-GDP ratio. For example, the tax-GDP ratio of Maldives is high. Their main source of revenue is the tourism sector. But we do not have such a source."