DHAKA, Aug 1, 2018 (BSS) – Parliamentary Standing Committee on Finance has recommended taking steps to expand VAT-tax net in boosting collection of revenue to support the government’s development activities.
The committee came up with the recommendation at its 25th meeting held at the Jatiya Sangsad Bhaban today with its chairman Dr Md Abdur Razzak in the chair, said a press release.
Tax-GDP ratio in Bangladesh is not satisfactory, it said and recommended taking a pilot project for expanding VAT-tax net.
The committee discussed allegation about non-payment of insurance claims and said that it has received 400 complaints by giving advertisement in national dailies. The committee will hold public hearing about the complaints.
The meeting was informed that there is no liquidity crisis in banking sector.
It suggested bringing down the interest rate to single digit, saying that high interest rate and service charges have been affecting investment in the country.
Mentioning that high interest rate of credit card and secret charges of banks have increased suffering of clients, the committee also recommended taking steps to reduce such suffering of bank clients.
Bangladesh Bank governor, senior secretary of the financial institution division of the finance ministry, high official of the finance ministry and the Jatiya Sangsad secretariat were present at the meeting.