Muhammad Abdul Mazid

In theory and practice, imposed budgets are prepared from top-down direction, i.e., the resources committee sets the high-level budget (often just basic numbers), without collecting detailed information from operating staff. This total general target is then broken down into a detailed budget.

Taxation has four main purposes: revenue, redistribution, re-pricing, and representation.

In the last two years, many expected that the budget would be framed keeping three perspectives in mind: economic aspect concerning people’s lives and livelihoods; ethical aspect regarding legalising black money at a substantially reduced rate of tax, without any question and penalty; and the need for thinking out of the box of a conventional annual budget.

The latest wave of Covid-19 is on the verge. The economy looks like on rebound mode, but it may take more time for the life and livelihood to return to normalcy if other things remain constant.

Establishing a pro-taxpayer environment in an emerging economy like Bangladesh where the tax-GDP ratio is hovering around 10-11 per cent requires a very close review of existing rules and regulations one by one, if not word by word in fitting with present day demand of social norms and business practices.

The joy and gratification for making dreams into reality are enticing. In the golden jubilee year of independence, one can speak of a creative and visionary industrial entrepreneurship for the socio-economic development of Bangladesh that will build the future of the country.

It is relaxing to see that even during the coronavirus pandemic, the statistics related to GDP growth and per capita income has shown higher growth. Remittance and foreign currency reserves are ballooning. Under the circumstances, the budget for the next fiscal year has been proposed.