Publish: 09:27, 27 Jan, 2025

Economic reforms must take priority: Dr Salehuddin

Economic reforms must take priority: Dr Salehuddin
Photo - Collected

Finance Adviser Dr Salehuddin Ahmed emphasised that economic reforms should be the primary focus in Bangladesh, ahead of political or other types of reforms.

He made the remarks while speaking at a seminar organised by the National Board of Revenue (NBR) on International Customs Day in Dhaka on Sunday.

Dr Salehuddin argued that while there is ongoing discussion about political reforms, the current priority must be economic reform.

He pointed out that while institutional reforms have been undertaken in various sectors, including the Election Commission and the police, no commission has yet been formed for economic reforms, a gap that economists have highlighted.

“Economic reform is the most urgent right now. If we don’t carry it out, it will be hard, but if we use the existing legal frameworks properly, it can be done,” said Salehuddin. He added that the proper and transparent use of existing systems would make these reforms achievable.

Salehuddin also addressed the slow pace of automation in revenue management, referencing the Bangladesh Single Window project, which, despite beginning in 2017, has only now started to be implemented after six years. He stressed that it was crucial for revenue officials to ensure transparent and efficient collection, warning against the use of force or under-the-table payments. “Businesses should pay taxes transparently and should not face undue harassment,” he added.

NBR Chairman Abdur Rahman Khan also discussed challenges in the import sector, particularly mis-declaration at the import stage, which he said needed to be eradicated. He acknowledged that businesses were often hesitant to adopt automation due to fears of tax burdens, including value added tax (VAT), and the need to maintain proper records.

Salehuddin responded to public concerns about rising commodity prices, particularly rice, by urging people to adopt a more balanced view. “It’s not realistic to expect all prices to go down simultaneously, but we aim to manage these fluctuations as effectively as possible,” he said. He also expressed frustration over the government’s critics, comparing it to a child that needs encouragement for its achievements. “If I score 70 out of 100, I should be told, Well done, but do even better next time,” he said, calling for constructive criticism rather than unrelenting negativity.

He concluded by emphasising the need for a logical approach to both revenue collection and expenditure. “We must be responsible in both raising and spending revenue,” he stated.

Bd-pratidin English/Tanvir Raihan

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