Collaboration between private, public sectors a must now: finance adviser
The country cannot make significant progress without the private sector and for this a strong collaboration between the government and private enterprises is a must now, Finance and Commerce Adviser Salehuddin Ahmed said.
He made the comment when a delegation from the Foreign Investors' Chamber of Commerce and Industry (Ficci) led by its President Zaved Akhtar met with the adviser at his office in the capital on September 29.
For all latest news, follow The Daily Star's Google News channel. At the meeting, the adviser commended Ficci for their support and emphasised the government's commitment to increasing foreign direct investment as a critical driver of economic growth.
The Ficci president presented a comprehensive outline on how the interim government can implement necessary reforms to enhance the business climate.
He recommended practical measures, including reforms in the banking sector and tax-revenue administration as well as maintaining law and order to foster a favourable business environment.
The trade body also proposed leveraging world-class regulatory technology to enhance efficiency and effectiveness, increasing the tax-to-GDP ratio, and easing transaction processes.
Additionally, Akhtar highlighted the need to address the punitive corporate tax, particularly in the banking sector.
The chamber also raised concerns about the additional withholding income tax on interest payments earned by non-resident institutions from foreign currency borrowing, which raises the cost of borrowing for Bangladeshi borrowers.
Furthermore, Ficci emphasised that banks should not bear the responsibility for tax deductions at source for the customers' direct tax payments.
Naser Ezaz Bijoy, adviser to the Ficci board; Ala Uddin Ahmad, Najith Meewanage, Md Miarul Haque, Faisal Ahmed Chowdhury, Rubaba Dowla, Sumitava Basu, and MHM Fairoz, board members, were present on the occasion.
Comments