Govt Seeks Revenue Growth Through Production, Not Higher Taxes: Titumir
Dr. Rashed Al Mahmud Titumir , prime minister's adviser on the ministries of Finance and Planning, today said that the government has undertaken initiatives to increase revenue collection by expanding production and economic activities rather than raising tax rates. "Revenue collection should be increased through the expansion of production and economic activities, not by increasing tax rates. The government is implementing policies and action plans with this objective in mind," he said.
The adviser made the remarks while addressing a budget discussion as the chief guest at the CIRDAP Auditorium in the capital. The discussion was organized by Research and Policy Integration for Development (RAPID). Titumir said the government has adopted a new development model centred on investment, production, employment generation and enhanced domestic resource mobilization without increasing tax rates.
"We have moved towards a new model - from investment to production, from production to employment, and from employment to increased domestic resource mobilization without raising tax rates. This marks a significant departure from previous approaches," he said. He noted that the government is promoting production-oriented industrialization to help the country cope with emerging global uncertainties and economic challenges.
Referring to recent global disruptions, including the COVID-19 pandemic and geopolitical tensions in the Middle East, he said Bangladesh is pursuing country-specific strategies to strengthen economic resilience and reduce vulnerability to supply chain disruptions. "Our people have placed their trust in us, and every strategy we adopt is designed in line with the country's realities and requirements," he added.
Highlighting the government's energy sector reforms, the adviser said the reform agenda is based on five key priorities. The first priority, he said, is ensuring a livable planet for future generations by gradually shifting from fossil fuels to renewable and nuclear energy sources. Secondly, he noted, the government aims to make energy affordable and keep it within the purchasing capacity of consumers.
He said several initiatives are underway in this regard and their outcomes will become visible in the coming years. Titumir also said that the government has found that gas exploration and extraction activities were neglected in the past and is now working to accelerate exploration and production both onshore and offshore. He also stressed the importance of developing domestic capacity in renewable energy production, particularly solar power, and said the current budget includes a range of measures to support that transition.
The adviser expressed optimism that these initiatives would strengthen the country's productive capacity, create employment opportunities and contribute to sustainable economic growth.
