Puzzling low tax-GDP ratio

[BananaRepublicUK]

Taxes, big government, regulations, they're all hurting the economy.

Tax wise BD is good.

Certain parts of the government needs to grow e.g. healthcare. And certain parts needs pruning e.g. pen pushers in Dhaka

Need an overhaul of regulation with Japanese expertise.

 

[bluesky]

Tax wise BD is good.

Certain parts of the government needs to grow e.g. healthcare. And certain parts needs pruning e.g. pen pushers in Dhaka

Need an overhaul of regulation with Japanese expertise.

Japanese have many things to do in their own country. They do not concern themselves unless it is regional matters such as the Coast Guard.

If taxwise BD is so good, why then the govt borrowed $128 billion worth of Taka from the banks and through selling bonds.

Healthcare, etc. need money. So, can you suggest where from the money to come if not taxes? It is certainly not by printing more and more paper notes.

 

[BananaRepublicUK]

Japanese have many things to do in their own country. They do not concern themselves unless it is regional matters such as the Coast Guard.

If taxwise BD is so good, why then the govt borrowed $128 billion worth of Taka from the banks and through selling bonds.

Healthcare, etc. need money. So, can you suggest where from the money to come if not taxes? It is certainly not by printing more and more paper notes.

They borrowed for state led investment and spurious spending on their chetona chamchas.

Both need curving. Investment needs to be private

You cannot raise taxes because borrowing is high lol

Otherwise their is no incentive to cut costs.

 

[EasyNow]

Those doctors and lawyers may be in small numbers but look at shops. There are many tens of thousands of shops in shopping centers all over BD, thousands of wholesalers and dealers and many other service providers who do not pay tax or pay a lump sum significantly lower than their dues. These are tens of thousands who earn at least 1 lakh a month. I don't advocate making the life of poor and Middle class miserable by applying tax. Poor should be spared of tax and middle class should be taxes at a low rate that won't affect them. If a middle class earner makes 6 lakhs a year, 20k annual tax won't impact him severely but it will be a lot of money for the government revenue.

Yes I think we are on the same page really - for taxes to be better collected within current system - not any increases or new taxes

 

[UKBengali]

BD government has kept taxes very low through a lot of exemptions to support industry.

Over the course of this decade a lot of these exemptions will be withdrawn as it has already announced.

The other way to increase revenue is as wages, consumer spending and business profits rise then that will generate additional revenue without raising tax rates. This is otherwise known as "fiscal drag".

BD has an explicit aim to become a "social-welfare" state and for this it needs to target of raising 30% of GDP from taxes by the 2040s, when it should become a semi-developed economy.

 

[nang2]

Again, you are making a very unusual lame excuse. Socialist countries rather do not tax people and companies but the capitalist countries do.

It is just the opposite.

Socialists countries just don't call it tax.

My parents left Bangladesh to escape Mujib’s socialist paradise.

UK is actually very socialistic. That tradition started much earlier than those in Asia.

 

[bluesky]

Socialists countries just don't call it tax.


UK is actually very socialistic. That tradition started much earlier than those in Asia.

If you talk socialism, it is Japan which is more socialist than China when considered how it handles people's welfare. Outwardly it is a pure capitalist country, but if you think social welfare matters, Japan is a socialist country that will outbid China.

China is a one-party Capitalist country and Japan is a democratic and socialist country. But, I am not sure UK or Japan which one started first the socialistic traditions.

 

[bluesky]

BD has an explicit aim to become a "social-welfare" state and for this it needs to target of raising 30% of GDP from taxes by the 2040s, when it should become a semi-developed economy.

Is BD any developing country yet? It is another underdeveloped country of Asia. So, why go so far in 2040s to claim semi-God status?

BD will have to build thousands/ millions of industries, mills and factories to continue developing for many decades or many centuries.

Stupid guys like you talk semi-God status when our young people die in the Mediterranean Sea by drowning while trying to reach Europe. Bloody idiot!!

 

[bluesky]

While current revenue target wasn’t met, NBR sets 12.12% more target for FY23

Economists think that higher tax revenue is a must for graduation to a developing nation and a middle-income country

www.dhakatribune.com

 

[Destranator]

Is BD any developing country yet? It is another underdeveloped country of Asia. So, why go so far in 2040s to claim semi-God status?

BD will have to build thousands/ millions of industries, mills and factories to continue developing for many decades or many centuries.

Stupid guys like you talk semi-God status when our young people die in the Mediterranean Sea by drowning while trying to reach Europe. Bloody idiot!!

May I please request that you leave out the insults? The last paragraph was unnecessary (you can just state that people are drowning in the Mediterranean).

 

[bluesky]

May I please request that you leave out the insults? The last paragraph was unnecessary (you can just state that people are drowning in the Mediterranean).

Why it is insult when I tell the truth, and you guys think that hiding facts will downgrade the country. Do you think people all over the world do not already know what is inside BD?

If BD is so developing why 80,000 people working in the Maldives? Our people go even to many African countries to seek jobs. Is it prestigious?

However, people like @UKBengali propagate a highly developed BD in 2040 as if repeatedly saying it will make the country really developed.

It takes a century or two to develop a country and it cannot be done in a densely populated country unless industries are built that enlarges the wealth base.

Anyway, I will keep on writing in my way.

 

[Destranator]

Why it is insult when I tell the truth, and you guys think that hiding facts will downgrade the country. Do you think people all over the world do not already know what is inside BD?

If BD is so developing why 80,000 people working in the Maldives? Our people go even to many African countries to seek jobs. Is it prestigious?

However, people like @UKBengali propagate a highly developed BD in 2040 as if repeatedly saying it will make the country really developed.

It takes a century or two to develop a country and it cannot be done in a densely populated country unless industries are built that enlarges the wealth base.

Anyway, I will keep on writing in my way.

I am saying you can say everything you say minus the personal attacks against other members. Anyway, you do you.

 

[bluesky]

Both need curving. Investment needs to be private

Investments in infrastructure is by the govt because individuals do not have that much of money to invest. So, a govt has to collect an optimal amount of taxes.

When infrastructures are built, the tax money circulates among many stockholders such as factories that supply cement, rods or other construction materials. A large part of this money also goes to the workers.

This is how economy grows.

 

[Destranator]

Investments in infrastructure is by the govt because individuals do not have that much of money to invest. So, a govt has to collect an optimal amount of taxes.

When infrastructures are built, the tax money circulates among many stockholders such as factories that supply cement, rods or other construction materials. A large part of this money also goes to the workers.

This is how economy grows.

The personal income tax rate on individuals making more than BDT 1 cr annually should be at least 50%. This will ensure increased govt revenue as well as encourage wealthy entrepreneurs to re-invest more to avoid paying taxes - both would create more jobs and help industrialisation. Top tax payers should receive special perks such as 24/7 police protection, etc..


Corporate taxes should be limited to 30% tops with tax holidays for pioneering businesses in new manufacturing industries (e.g.- renewables, Electric Vehicles, heavy engineering equipment, etc.).

 

[bluesky]

The personal income tax rate on individuals making more than BDT 1 cr annually should be at least 50%. This will ensure increased govt revenue as well as encourage wealthy entrepreneurs to re-invest more to avoid paying taxes - both would create more jobs and help industrialisation. Top tax payers should receive special perks such as 24/7 police protection, etc..


Corporate taxes should be limited to 30% tops with tax holidays for pioneering businesses in new manufacturing industries (e.g.- renewables, Electric Vehicles, heavy engineering equipment, etc.).

Income tax matter are not something that need to invent anew. Better, interested people go through the Income Tax booklet pages of different developed countries to get knowledge from them and the govt applies only those rules that may be relevant to the country.