Face budget deficit through internal resource collection: NBR chairman

Chairman of National Board of Revenue (NBR), Abu Hena Rahmatul Muneem has warned of facing the budget deficit through internal resource collection, BSS reports.

He termed meeting up the budget deficit as a big challenge and opined there is no alternative to formulate investment and business-friendly revenue policy to face the challenge. Side by side with this, utmost emphasis should be given on collecting internal revenues through import duty, VAT and income tax.

As a whole, there is no way but to formulate a deficit budget for continuing the country's economic development, he added. The NBR Chairman came up with the observation while addressing a view-sharing meeting on post-budget for 2022-23 fiscal with divisional officers and deputy commissioners as chief guest on Sunday.

Hosted by the commissioner’s office of Rajshahi division, the meeting discussed and devised ways and means on how to attain the cherished goal. Chaired by divisional commissioner GSM Zafarullah, the meeting was addressed, among others, by NBR members Masud Sadique, Zakiya Sultana and Shams Udddin Ahmed and additional divisional commissioner Ziaul Haque

NBR Chairman Rahmatul Muneem said the government implemented different types of development projects, including construction of roads and bridges, rural development, establishment of power station, school, college and hospital, with the public money.

He told the meeting that there was a big challenge of placing a budget after enhancing overall expenditure allocation to keep pace with development trends despite the global political and economic instability caused by Covid-19 and the Russia-Ukraine war.

But the government has formulated the current fiscal's budget through keeping more expenditure allocation despite various types of obstacles as it's intended to continue the country's economic elevation.

In all aspects, the government has become successful in this regard, he added. Various issues, including removing of applicable and methodical complications of budget, bringing reformation for easing trade and business, working strategy in budget implementation, preparation for elevating the country to developing one and VAT and tax changes for the sectors of industries and ICT, were discussed in the meeting.