DHAKA, Oct 5, 2018 (BSS) – President of the International Business Forum of Bangladesh (IBFB) Humayun Rashid has called upon the authorities concerned to take necessary steps for increasing the tax-GDP ratio to 20 percent from the existing 10 percent aimed at developing the country’s infrastructure.
“Infrastructure is the key to creating a business friendly environment. At least 5 percent of the GDP should be invested for infrastructure development. But, Bangladesh is only investing around 3.5 percent of GDP for developing infrastructure, including power, electricity and communication,” Humayun Rashid told BSS.
He urged the authorities concerned to make easy the tax payment process for increasing the number of taxpayers as they feel comfort and pay taxes in time.
Humayun Rashid, also managing director of the Energypac Power Generation Limited, called for making easier the process of having electricity connections for the industries and getting bank loans and land registrations.
“Bangladesh should improve its position in ‘ease of doing business’ ranking for attracting more investment. Easy process for obtaining the electricity connection, bank loan and land registration will help improve the position in ‘ease of doing business’ ranking,” he added.
Humayun Rashid underscored the need for enhancing capacity of the country’s all ports, including premier maritime Chittagong port, for keeping smooth the export-import activities. He also urged the government to provide incentives to new export-oriented sectors as alternatives to apparel sector.
He proposed tax relief on the money spent on research work by investors and suggested formation of a high-powered body involving the private sector or the IBFB members for monitoring the implementation of large projects.
Humayun Rashid said Bangladesh is moving forward through industrialization and, therefore, the government should take more steps for developing the skills of manpower to accelerate the industrialization and achieve the Sustainable Development Goals (SDGs) by 2030.
“If all the male and female youths are turned into skilled human resources, the pathway of development will be more dynamic,” he added.
He said the government should establish more technical institutions across the country for increasing skilled manpower. “By improving skills of the country’s people, we can reduce the dependence on foreign manpower,” he added.