WHILE the date of announcing the annual budget for 2017-18 fiscal is drawing nearer, large-scale discrepancy remains in the country's tariff policies. The government should reformulate its tariff policies to eliminate such discrepancies and remove the sense of discrimination from peoples' minds. There are ambiguities in the existing tariff policies of the government regarding its objectives on priorities. It is not clear from the policies whether the government is aiming to encourage export or import. The existing tariff policies only benefit a section of privileged people in different sectors. Sector-wise allocation of national budget under a reformed tariff structure can enhance Bangladesh's long-term economic growth.
At present, the National Board of Revenue (NBR) along with Tariff Commission has the authority to fix tariffs. The government usually emphasises collection of taxes to increase annual revenues, although failure to recover the expected amount of revenues leads to imposition of increased tax burden which may reduce consumption due to a decrease in peoples' incomes. Furthermore, some policymakers remain unaware of efficient and subtle way of earning increased revenue. Undoubtedly, development in Bangladesh will remain a far cry if the budget is not inclusive, that is, if the interests of all categories of people are not considered while preparing the budget. As execution of annual budget largely depends on proper utilisation of public funds, implementation capacity of the government often falls short of the required speed. Besides, the government hardly formed a competent or reliable unit under the Ministry of Industries to guide the potential entrepreneurs on start-ups and assist the established businessmen. An administrative reform should be carried out alongside fresh sector-wise tariff policies in order to earn more revenue while keeping the citizens happy.
Nabil Azam Dewan
Lalmatia, Dhaka
[email protected]
- Friday, 22 November 2024 |
- Today's FE |
- e-Paper |
- Beta Website
