The Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) has called on the government to prioritize the health sector in the upcoming budget for the fiscal year 2022-23 to guide post-COVID economic recovery. However, a budget proposal was sent, writing that now it is the time for Bangladesh in terms of domestic demand, employment, and economic recovery, as the impact of COVID-19 is diminishing. The budget reflects the current global economic crisis caused by the Ukraine war and simplifies and streamlines the national budget. So, the article contains Priorities of The Health Sector in Next Budget.
President of BMCCI, Syed Almas Kabir, “The conflict between Russia and Ukraine after the COVID-19 pandemic is forcing the world and our local economies to cope with high inflationary pressures, alongside logistical and supply chain disruptions.”
Also, the proposal said this year’s budget should focus on increasing the scope of income tax and value-added tax. In addition, it should ensure transparency in income tax collection, complete automation of the tax system, export diversification, encourage local industrialization, and guarantee an investment-friendly environment to achieve economic growth targets.
Following the ongoing economic crisis in Sri Lanka, the chamber said Bangladesh’s economy is different from Sri Lanka’s. As a result, the two countries’ trade and development growth are also extra. Hence, the chamber proposed, “But the gap between our imports and exports is widening, and remittance collection declines. Moreover, during the COVID-19 pandemic, we spent about Tk40,000 crore on vaccines. Therefore, specific plans have to be taken to overcome these limitations.”
Furthermore, Mr. Almas Kabir urged increasing the number of taxpayers instead of increasing the tax rate. “As the tax net increases, there will be no need to set higher tax rates,” he said, noting that the number of taxpayers in our country is meager.
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