Bangladesh to move forward with self-financing, not loans

Bangladesh is no longer dependent on loans and is moving toward development through its own financing following extensive reforms in the revenue sector, Finance and Planning Minister Amir Khosru Mahmud Chowdhury said. He made the remarks at the opening ceremony of the ‘Revenue Conference 2026’ in the capital on Tuesday.

The conference was organized jointly by the Internal Resources Division of the Ministry of Finance and the National Board of Revenue (NBR) at the Bangladesh China Friendship International Conference Center in the capital. Prime Minister Tarique Rahman attended the event as the chief guest, visited various NBR stalls and inaugurated the conference.

The finance minister said achieving the historic revenue collection target of Tk 604,000 crore set for the 2026 to 2027 fiscal year is the most important task. The target is 46 percent higher than last year’s collection. He expressed hope that achieving this ambitious target would make it possible to fulfill the prime minister’s vision of building a developed and prosperous Bangladesh and transforming the country into a trillion dollar economy by 2034.

Amir Khosru Mahmud Chowdhury said the government is firmly committed to overcoming the challenge of becoming a middle income country by 2029. A cashless and contactless revenue system will be one of the key foundations for building a prosperous Bangladesh, he said.

Referring to plans to overhaul the revenue administration, he said the NBR is being divided into separate departments. Among them, the “Revenue Policy Department” will work as a think tank, while the “Revenue Management Department” will have the primary responsibility for collection. “This is not merely an administrative reorganization. It is a fundamental change in our philosophy.”

He assured that the views of businesspeople, economists and experts would be taken into consideration in formulating policies.

According to the finance minister, policies disconnected from reality can never be effective. Designing a competitive and development friendly tax structure without knowing the experiences and needs of members of the business community who face the tax system is not realistic.

Guests with the prime minister at the revenue conference. Photo: PMO

Calling businesspeople the “driving force of the country’s economy,” Amir Khosru Mahmud Chowdhury urged them to pay taxes and VAT on time.

He said, “The country’s development is not possible without your investment and creation of employment. The government will always stand by you. Achieving the revenue target is not the sole responsibility of tax officials. Businesspeople have a responsibility here. We know that sometimes you feel embarrassed by administrative complications and the behavior of officials. We are working to resolve those problems quickly.”

He warned that strict laws would be enforced against tax evaders so that honest taxpayers are not harmed. He also reminded the revenue board that it is responsible for ending taxpayer harassment and providing impartial services through full automation and a cashless system.

The finance minister said the success of the new reforms in the revenue sector depends on the skills and professionalism of NBR officials and employees. He called for strengthening ‘Alternative Dispute Resolution’ (ADR) to settle longstanding legal disputes and introducing a clear ‘Taxpayer Service Charter’ to ensure services within specified timeframes.

The opening ceremony was chaired by acting NBR Chairman Ahsan Habib. Among others, Prime Minister’s Adviser Rashed Al Mahmud Titumir joined the event online.