Reduce dependence on customs duty for revenue: ICAB

Bangladesh needs to reduce its dependence on customs duty for revenue as lowering the cost of doing business would help local products and services become more competitive on a global scale, according to the Institute of Chartered Accountants of Bangladesh (ICAB).

Customs duties currently make up about 29 per cent of the government's total revenue.

"We believe our proposal will contribute to the country's economic development and accelerate the journey towards achieving its development targets," said ICAB President Md Shahadat Hossain.

Besides, this will facilitate Bangladesh's transition into a middle-income country, he added.

ICAB made this proposal to the National Board of Revenue (NBR) during a discussion on the upcoming national budget at the latter's conference room today.

ICAB's national budget proposals are divided into four parts: proposals regarding an increase in revenue and income tax ordinance, reduction of contradictions in the law and ensuring transparency in its implementation, giving more impetus to investment activities, and preventing capital smuggling.