Metropolis Desk-
Three development partners, including the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Japan International Cooperation Agency (JICA), are contributing $1 billion to the budget of the Bangladesh government.
The ADB, which is acting as the main financier, has coordinated and drawn upon the terms of all three loans. Getting parliamentary approval to alter the Income Tax Ordinance, 1984, which makes filing an income tax return essential for people who spent Tk 4 lakh overseas in the previous income year, is one of the key requirements.
To handle emerging challenges including base erosion and profit shifting, transfer pricing, derivative transactions, and thin capitalization, the government must consolidate and modernize the tax code.
In addition to mandating online payment of VAT amounts over Tk 1 crore, the National Board of Revenue must also issue orders for information exchange, implement risk-based VAT audits, increase the electronic deduction of income tax at-source system, and expand risk-based VAT audits.
To streamline public procurement, boost professionalism, and increase efficiency, the government has shut down sugar mills and created an independent public procurement organization.
The Bangladesh Bank has introduced novel financing solutions to offer low-cost microcredit to disadvantaged farmers, small business owners, and low-wage workers. The OPEC Fund for International Development and Korea are each contributing $100 million.
