Finance Adviser Salehuddin Ahmed yesterday said that increasing the efficiency of the National Board of Revenue (NBR) is essential for the growth of trade and commerce in the country.

At the same time, he called on local businesses to maintain labour and environmental compliance to enhance their competitiveness, enabling them to compete effectively in the global market after Bangladesh's graduation from the least developed country (LDC) category.

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Businesses going through tough time

Ahmed made these comments at a seminar on "Reforms in customs, income tax, and VAT to address the challenges after LDC graduation," held at the National Economic Council in Dhaka. The event was organised by the Economic Relations Division (ERD).

Commerce Adviser Sk Bashir Uddin and NBR Chairman Md Abdur Rahman Khan were present at the event, which was chaired by ERD Secretary Md Shahriar Kader Siddiky.

At the seminar, the finance adviser highlighted the need for the private sector to be proactive alongside the government in addressing the challenges of LDC graduation.

He also underscored the importance of effectively implementing the recently finalised Smooth Transition Strategy (STS).

Commerce Adviser Sk Bashir Uddin stressed the importance of improving the efficiency of local businesses to handle the challenges of the post-LDC era.

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NBR revises down VAT, SD on 9 items

NBR Chairman Md Abdur Rahman Khan highlighted the need to reduce tax expenditure. He announced that the National Single Window would be fully operational by next March and assured attendees that the entire tax system would soon be automated.

ERD Secretary Md Shahriar Kader Siddiky reaffirmed the government's commitment to ensuring the effective and timely implementation of the STS.

He added that a series of stakeholder consultations would be organised to facilitate its successful execution.