Finance Adviser Dr Salehuddin Ahmed announced that the upcoming fiscal year 2025-26 budget will prioritise practicality over expansive expectations, hinting at a reduction in tax waivers.
Speaking at the 45th Consultation Committee Meeting with the National Board of Revenue hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at Sonargaon Hotel in the capital on Wednesday, he emphasised ongoing discussions with global organisations to boost business and trade growth.
“We will deliver an implementable budget, not a basket of expectations,” Dr Salehuddin said. Addressing business leaders, he added, “The era of tax waivers and exemptions is over. Paying taxes is an expense, but it funds essential services like education and healthcare. We need revenue to run the government while providing incentives to businesses.”
Acknowledging challenges in the business sector, Dr Salehuddin urged constructive criticism, noting, “Foreigners view Bangladesh positively, but domestic criticism creates hurdles. We’re working with the World Bank and negotiating with the IMF to support economic stability.”
He also mentioned plans to engage with the incoming Trump administration, seeking agreements while noting, “They cannot be pushed around. The US has given us three months, and we may request an extension if needed.”
On the IMF loan, he expressed confidence, citing improvements in the macroeconomic situation.
Commerce Adviser Sheikh Bashiruddin, a special guest, remarked, “Previous budgets focused on spending celebrations. This time, we’ll deliver a target-based, justifiable budget.”
NBR Chairman Md Abdur Rahman Khan highlighted efforts to resolve operational issues through automation and digitalisation.
The FBCCI proposed raising the tax-free income limit to Tk 4.5 lakh for general taxpayers and Tk 5 lakh for female taxpayers and those over 65.
These proposals were presented by FBCCI Administrator Md Hafizur Rahman.
Bangladesh Textile Mills Association (BTMA) President Shawkat Aziz raised concerns about increased complexities in importing machinery parts since NBR assumed full control.
“Previously, BTMA managed clearances without issues. Now, the process is cumbersome,” he said.
On corporate tax, BTMA proposed aligning the textile sector’s tax rate with the 12 per cent rate applied to the ready-made garment sector, arguing that the two industries are interdependent.
Bangladesh Investment Development Authority (BIDA) Chairman Chowdhury Ashik Mahmud Bin Harun also attended the event.