Syed Ershad Ahmed, president of the American Chamber of Commerce in Bangladesh (AmCham), stressed the need to revise the tax-free income limit of individuals in response to rising inflation.

He also emphasised that the overall taxation system needs to be automated by leveraging technology and data-driven approaches to enhance efficiency and transparency.

The AmCham president further said that the National Board of Revenue (NBR) had proposed a 15 percent standard VAT rate for FY25, which would potentially impact imported goods.

"It's crucial to regulate this and exempt essential products. Foreign investors will be even more affected as turnover tax and supplementary duty have increased in a few sectors," he said.

He added that extending the tax holiday for Bangladesh's ICT sector would attract investors and fuel further growth.