Bangladesh's tax-GDP ratio is not satisfactory: Finance Minister

Finance Minister Abul Hasan Mahmud Ali has observed that despite the progress in all economic indicators, the tax-GDP ratio is not satisfactory in Bangladesh.

He made the observation during a seminar organised on International Customs Day at the Revenue Building in Agargaon of the capital on Friday (26 January). 

The seminar organised by NBR was attended by senior officers of the organisation and business representatives.

He expressed hope that the National Board of Revenue (NBR) will try to reduce the gap between tax and GDP ratio.

The minister said that one of the main functions of customs is trade facilitation. In continuation of Smart Bangladesh announced by the Prime Minister, customs will become truly smart.

Urging the authorities to reduce the cost of import and export, he said attention should be paid to full automation.

Referring to one of the responsibilities of customs to prevent money laundering, the finance minister said that it is very important to increase the capacity of customs to fulfill this responsibility.

He hopes that customs will pay special attention to this aspect.

Besides, the finance minister urged the authorities to give incentives to honest businessmen who respect the law to collect additional revenue. He also asked to take strict action against dishonest traders.

Stating that the Board of Revenue is working as the main driving force of the economic progress of the country, the Finance Minister said that the economic progress of Bangladesh is recognized by the whole world today.

In the event, World Customs Organization (WCO) 'Certificate of Merit' was awarded to 17 officers and employees of NBR and its affiliated offices and three institutions.

The event was also attended by Finance Secretary Dr. Khairuzzaman Majumdar, Executive President of BKMEA Mohammad Hatem, NBR Chairman Abu Hena Rahmatul Muneem and Incepta Group Chairman Abdul Muktadir and others.