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Speaking at a pre-budget roundtable organised jointly by ICAB and The Financial Express, he said corruption, bureaucratic complexity and inefficient tax administration continue to discourage investors and complicate business operations in the country.
He said digital accounting and auditing systems could help reduce corruption, improve Bangladesh’s image among foreign investors and lower business risks by increasing transparency.
“Foreign investors often perceive Bangladesh as a corrupt country. While corruption may not be eliminated entirely, digitalisation can help reduce it to a tolerable level,” he said.
Mr Ershad said complicated customs procedures and delays continue to discourage investors, noting that businesses frequently face harassment over HS code classifications and multiple approval signatures during imports of capital machinery and raw materials.
He urged the government to accelerate customs automation and introduce e-signatures to reduce bureaucratic delays and improve ease of doing business.
The AmCham president also criticised the current tax administration system, saying businesses face constant difficulties with the NBR’s tax, VAT and customs wings.
He said full automation of VAT collection and tax administration would help improve revenue mobilisation and reduce leakage of government revenue.
Highlighting the importance of digital transformation, he advocated for cloud-based accounting systems, real-time reporting, e-invoicing, AI-driven tax management and broader use of big data technologies.
Mr Ershad also called for expanding the tax net through automation instead of increasing physical tax offices at the upazila level.
He further urged authorities to bring informal digital and freelance sectors under the tax framework, noting that thousands of freelancers and offshore back-office operations currently remain outside the formal system despite generating significant income.
Source: https://thefinancialexpress.com.bd/trade/no-scope-to-hike-essentials-prices-citing-fuel-costs-commerce-minister
