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Saifur rules out fresh taxes on commonman
Finance Minister M Saifur Rahman yesterday underscored the need for a higher development budget outlay of about Taka 8.500 crore in the next fiscal for achieving a GDP growth rate of over five per cent and bringing about quail tattve improvements in the living standard of the vast masses, reports BSS.
Ruling out the possibilities of any fresh tax burden on the poor and commonman In the forthcoming budget, the Finance Minister said instead of Imposing any new tax, the democratically elected government would boost the tax-revenue collections by Improv ing administrative efficiency, plugging the loopholes and expanding the tax base for the sake of quicker development of the country.
He was exchanging views with a group of leading MPs. politicians, eminent lawyers,
journalists and professionals on the current economic sit uation of Bangladesh tn city last night at the NEC conference room.
Seeking the cooperation of the MPs and professionals for mobilising more domestic resources to finance a larger development budget In the next fiscal, Rahman said it would be necessary to meet the objectives of economic emancipation, poverty alleviation, education and increased employment opportunities.
’For a break through on the economic front we have to Invest more foreign and domestic resources and have to restrain current consumption he said, adding we have to liber allse our economy, stabilise fiscal and financial discipline and Increase savings and Investment.
Explaining the hard economic realities and performances in the current fiscal, the Finance Minister said the government has severely contained the revenue expenditures this year while revenue earnings exceeded the budgetary target. Yet wc have to further contain the revenue expenses for generating more funds for the development budget, he said.
Spelling out the national priorities. Rahman said, we have to encourage foreign investment and create congenial market environment for an export-led development. Rule of law. transparency, accountability and peace are the preconditions for democracy and development, he said.
Stressing the need for expansion of rural credits to boost agricultural production, the Finance Minister said there was no dearth of funds but we could not yet be able to reach with credits to the rural people. He sought suggestions of the MPs and the professionals to help evolve an effective rural credit delivery system.
Participating in the discussion. CPB President Salfuddin Ahmed Manik said, we have to expand the tax net while reducing the tax rates. Stressing the need for structural reforms in the public sector corporations. he said these enterprises should also face competition to raise efficiency.
Pointing out the serious management problem in the country's private as well as public sector. Manik said labour was not at all a problem In this country and at times it was more efficient, disciplined and productive than the neighbouring countries.
JSD General Secretary Hasanul Hoq Inu underscored the need for proper planning and state interventions for development He urged the government to raise the confidence of the Investors, make productive Investment and subsidy to the agricultural sectors.