Enhanced Financial Services Necessary for Revenue Augmentation – Financial Advisor's Suggestion
In a recent event celebrating digital initiatives in the capital, Finance Adviser Salehuddin Ahmed emphasized the importance of digitalization for rendering due services by the revenue board. Ahmed, who was speaking at an event commemorating half a million Customs Lodgement Points (CLPs), the seminar on paperless customs, and conferring "e-Return Champion Certificate" to taxpayers, called on the business community to support digitalization initiatives.
Ahmed believes that digitalization will help deliver better services and expand the country's tax base. He stated that the business sector and private sector are necessary for further prosperity, and he expects other businesses to also join the Bangladesh Single Window (BSW).
The BSW is a platform that businesses are being urged to join to move forward the country's economy. Ahmed explained that tax collection is linked to economic growth, and businesses will pay taxes when they earn. If required services can be ensured, business people will come forward to pay their charges, according to Ahmed.
He used the analogy that BSW has created a path for digitalization, implying that others will follow. Ahmed cited Brazil's tax-to-GDP ratio of around 26 percent, stating that businesses and individuals there pay taxes because of excellent services in education, healthcare, and infrastructure. He emphasized that people are willing to pay for good services.
Ahmed did not express any compromise with digitalization. Instead, he suggested that if good services are provided, people will pay taxes, but if not, they won't. He warned against focusing solely on revenue targets and emphasized the importance of providing services.
In conclusion, Finance Adviser Salehuddin Ahmed urged businesses to join the BSW and embrace digitalization for the betterment of the country's economy. He emphasized that revenue collection will improve with quality services for businesses, and he cited Brazil as an example of a country where businesses pay taxes due to excellent services in key sectors like education, healthcare, and infrastructure.
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