Budget will not affect businessmen: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has said that increasing the tax base is essential for sustainable economic management. 

However, he assured that no affect will befall the country's businessmen in the upcoming 2026-27 budget.

He said this at a view-sharing meeting titled 'Pre-Budget Discussion 2026-27: Private Sector Expectations' at the capital's Hotel Intercontinental on Monday. 

The meeting was jointly organised by Dhaka Chamber of Commerce and Industry (DCCI), Daily Samakal and Channel 24.

Speaking as the chief guest at the event, the Commerce Minister said, “We need to increase the tax base to bring about revenue discipline. However, the government's goal is not to increase the tax burden on individuals, but to increase the tax base.” 

He expressed hope that its positive impact will be seen in the upcoming budget and in the future. 

In this regard, he has confidence in the capabilities of the Finance Minister and the National Board of Revenue.

He said, "I have full confidence in my senior colleague, the Finance Minister. He is a business-friendly person. He understands economic management. There is no reason not to understand this basic issue. I would tell the private sector - trust us. We will work together and take the country to greater heights."

The Commerce Minister said, “In order to stabilise the country's economy, we must first return to normalcy. In the past, the lack of accountability and transparency has created abnormalities in economic management, the effects of which are still present. Such a situation arises when there is no connection and transparency between the government and other stakeholders in the economy.”

He mentioned that ensuring maximum utilization of limited resources is the main issue of economic management. But in the past, many projects have been taken that did not have a real basis or rationale. 

Despite spending huge amounts of money on them, the desired results have not been achieved. The review of the Monitoring and Evaluation Department has also revealed corruption and inefficiency in many projects.

The Commerce Minister said that it is not possible to sustain economic growth by increasing government expenditure alone. To increase private investment, it is important to create an investment-friendly environment, simplify business processes, and eliminate administrative complications. 

The government has already taken initiatives to simplify and digitise various processes so that businessmen can receive license and registration services from home, he added.

Giving an example, he said that the process of obtaining IRC and ERC certificates related to import and export is being simplified. From now on, applications, fee payments, and certificates can be downloaded online. As a result, time and suffering will be reduced.

Highlighting the challenges of the energy sector, the minister said that the government is having to deal with additional pressure due to the increase in prices in the international market. 

Still, the government is giving priority to keeping industrial production running. At the same time, initiatives have been taken to increase domestic gas exploration, increase LNG supply, and build a long-term storage system.

He also announced plans for inefficient government-owned industrial enterprises. Initiatives are being taken to bring new investment and operate alternative methods, especially in loss-making sugar mills, so that production can be increased and employment can be created.

At the event, DCCI proposed to increase the tax-free income limit of individuals to Tk 5 lakh and the maximum tax rate to 25 percent. 

In addition, it was proposed to set the tax rate of unlisted companies at 25 percent like listed companies and introduce a fully automated corporate tax return system.

In his closing speech at the event, Daily Samakal Editor Shahed Mohammad Ali said that the main driving force of the economy is the private sector. The country needs to move forward through greater coordination between the government and the private sector, he opined.

Moderated by DCCI President Taskin Ahmed, the event was also addressed by International Chamber of Commerce (ICC) Bangladesh President Mahbubur Rahman, General Economics Department (GED) member Manzur Hossain, former DCCI Presidents Shams Mahmud and Rizwan Rahman, Institute of Cost and Management Accountants of Bangladesh (ICMAB) President Md. Kawsar Alam, ICAB President NKA Mobin, Dhaka Stock Exchange (DSE) Chairman Mominul Islam and United Commercial Bank (UCB) Chairman Sharif Zahir, among others.