Rajshahi businesses should reduce reliance on subsidies: NBR chairman

The NBR chairman Wednesday urged the businesses in Rajshahi to reduce reliance on subsidies, as such tendency contradicts with the country's aspiration to become a developed nation by 2041.

"Our aspiration to become a developed nation and extensive reliance on subsidies are incompatible with Bangladesh's goal of becoming a developed nation," said Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue (NBR).

"As we progress towards our graduation as a developed nation by 2041, the international community expects us to move away from subsidies. The government will naturally remove the subsidies gradually."

Muneem, also a senior secretary of the internal resources division, made the comments while addressing a daylong pre-budget discussion with the business community of Rajshahi inside the auditorium of the Rajshahi Chamber of Commerce and Industry.

In the discussion, the business leaders argued subsidies are crucial for industrial growth of the region, which is less developed compared to the eastern part of Bangladesh.

RCCI Vice President Sultan Mahmud proposed for expanding the tax base instead of imposing new taxes in the next budget.

In reply, the NBR chairman said: "A developed nation thrives on its capabilities, its ability to fight odds and survive. So, shift away from your mindset of seeking subsidies while taking up business ventures."

The number of return submissions doubled and the number of VAT registration rate increased by 2.5 times in the last four years, Muneem said.

Chaired by RCCI President Masudur Rahman Rinku, the discussion was attended by businessmen and chamber leaders from Rajshahi, Chapainawabganj, Naogaon and Bogura districts.

Abdul Awal, an RCCI member, said many talented entrepreneurs are failing to proceed with their ventures for a lack of fund and right information.

Mozdar Shafiqul Islam, president of the Rajshahi chapter of the National Association of Small and Cottage Industries of Bangladesh, demanded removal of taxes and VAT on products.

Abdul Wahed, Chapainawabganj chamber's president, demanded infrastructural development of Sonamasjid land port and the newly reintroduced Sultanganj riverport.

He also demanded establishment of a land port alongside Rohonpur railway port in Chapainawabganj to strengthen business connectivity with Nepal and Bhutan.

A businessman of Chapainawabganj demanded removal of duties on fruit-bags for supporting mango cultivation.

Mahfuzul Islam Raz, vice president of Bogura chamber, said the district fetches around Tk 50 crore worth of foreign exchange by exporting crude oil, hair, and caps.

He sought an easier procedure for payments of taxes and VAT.