This years’ budget must put thrust on ensuring our survival through strengthening health, medical and social security sector.
Prominent economic analysts and experts shared such thought on upcoming National Budget 2020-2021 on a Pre-Budget Discussion webinar organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) recently.
Dr. Atiur Rahman, Former Governor, Bangladesh Bank, Mr. Mosharraf Hossain Bhuiyan ndc, Former Senior Secretary and Chairman of NBR, Professor Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue (CPD), Dr. Muhammad Shahadat Hossain Siddiquee, Professor, Department of Economics, University of Dhaka and Mr. Ranjan Kumar Bhowmic FCMA, Member (Tax Survey & Inspection), NBR and Mr. A. K. M. Kuamruzzaman FCMA, SEVP and Head of Operation, LankaBangla Finance Ltd. joined the Webinar as discussants.
ICMAB President Mr. Md. Jasim Uddin Akond FCMA delivered the inaugural speech in the webinar and Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB, presented a paper on proposed National Budget 2020-2021.
Prof. Dr. Mahmood Osman Imam FCMA, Professor & Former Chairman, Department of Finance, University of Dhaka moderated the session.
The ICMAB President hoped that CMA professionals will be able to help the government in the process of revenue collection & increasing and making clarity in every countable sector.
Mr. Md. Mamunur Rashid emphasised on strengthening the health sector as much as possible.
He presented 13 core proposals on behalf of the institute including cost statement accompanied by quantitative analysis statement by Cost and management accountants with company return, increasing the minimum range of tax free income from Tk 2 lac 50 thousand to at least Tk 4 lac considering the COVID-19 situation; strengthening Food, Agriculture and Medical sector, special incentives for garments and transport system, development of capital market and industry sector.
Dr. Atiur Rahman, Former Governor, Bangladesh Bank evaluated the audit process as the foremost task for ensuring the quality of expenditure in every sector. Considering the present worldwide crisis and future, he underlined on the health and medical sector to be more structured and capable than ever. He said that, this years’ budget should be a ‘health’ budget, this is our survival budget. Economic development will be nothing if we can’t stay alive. He also mentioned to give importance about social protection in the upcoming budget and a proper database must be created to ease the process. The Former Governor referred this budget as the surviving budget which should focus on the process of survival in the current situation. He expressed hope about recovering the economic losses in near future through surviving this year. Meanwhile, he mentioned that Bangladesh Bank could play a vital role in this process through disseminating credit guarantee scheme.
Mr. Mosharraf Hossain Bhuiyan ndc, Former Senior Secretary and Former Chairman of NBR suggested cutting down unnecessary costs in various sector as much as possible. He also mentioned to strengthen health sector and spend more for social security. Those sectors which are currently out of activities should be given incentives to keep alive.
Distinguished Fellow of Centre for Policy Dialogue (CPD) Professor Dr. Mustafizur Rahman said that, this years’ budget is totally different than any other time. It must be calculated based on health, humanitarian and economic crisis.
Mr. Ranjan Kumar Bhowmic FCMA mentioned about a different approach on the issue of the range of tax payment. He said that, if someone is earning more than Tk 2.50 lac, he/she will be entitled to pay 10% tax. But India took a different approach for the marginal tax payers, not by increasing the range but reducing the rate to 5% from 10%. We can think about this kind of approach for the marginal tax payers.
-rmc//