Salman F. Rahman, the prime minister’s advisor on private sector and investments, recently stated that the Bangladeshi government is on the correct road to maintain domestic macroeconomic stability given the manner it has been responding to the numerous issues resulting from global conditions.
He stated at a Dhaka Chamber of Commerce and Industry pre-budget meeting that the opening of letters of credit (LCs) will be considerably simplified by June, and that foreign currency reserves would be stable by that time (DCCI).
Although the nation’s tax-to-gross domestic product (GDP) ratio is still lower than that of other nations, he noted that in order to further expand the tax net, automation is essential.
Many issues can be resolved if the revenue board creates a standard import duty, but He stated that would result in a decrease in revenue.
He recommended diversifying exportable goods, reviving the bond market, and providing the same facility to other export-oriented industries besides ready-made clothing.
