Staff Correspondent: The Institute of Chartered Accountants of Bangladesh (ICAB) has urged the government to ensure coordinated action and effective implementation of reforms to achieve the ambitious revenue collection target set in the proposed national budget for fiscal year 2026–27.

At a press conference titled “Chartered Accountants’ Perspectives on the Proposed National Budget 2026–2027” held at ICAB’s CA Bhaban in Dhaka on Saturday, the professional body observed that the proposed budget reflects the government’s commitment to maintaining economic stability, boosting revenue mobilisation, creating employment opportunities, expanding investment, and strengthening private sector development.

Speakers at the event noted that Bangladesh continues to face significant external challenges amid an uncertain global economic environment. Ongoing geopolitical conflicts in the Middle East, the prolonged Russia–Ukraine war, fluctuations in global energy markets, inflationary pressures, supply chain disruptions, and sluggish international trade remain major concerns for developing economies, including Bangladesh.

Despite these challenges, the government has proposed an Annual Development Programme (ADP) of Tk 316,075 crore, a move that ICAB believes could contribute positively to the country’s long-term development aspirations. However, the organisation cautioned that achieving the revenue collection target of Tk 695,000 crore will require strong institutional coordination and successful implementation of ongoing reform measures.

ICAB also expressed concern over the financing strategy for the budget deficit. The proposed budget estimates a deficit of Tk 243,000 crore, with Tk 112,000 crore expected to be financed through domestic borrowing from the banking sector. According to the speakers, excessive government borrowing from banks could reduce the availability of credit for private businesses and potentially slow down private-sector investment, which remains a key driver of economic growth.

Addressing the press conference, ICAB President NKA Mobin highlighted the government’s focus on increasing revenue collection, modernising the tax system, accelerating digital transformation, improving the business environment, and adopting investment-friendly policies. He emphasised that increasing the tax-to-GDP ratio and ensuring transparency and accountability in tax administration are essential for achieving sustainable economic growth.

The ICAB President also praised the Document Verification System (DVS), a joint initiative of the National Board of Revenue and ICAB, describing it as a significant step toward technology-driven tax administration. According to him, the system has helped expand the tax net, improve transparency, prevent tax evasion, and enhance revenue collection. He expressed optimism that the initiative would play an even more important role in the future.

Mobin further noted that ICAB had submitted a series of recommendations to the government regarding tax laws and regulations, including the Income Tax Act 2023, the VAT and Supplementary Duty Act 2012, and the Customs Act 2023. He welcomed the inclusion of several of these recommendations in the proposed budget, saying that such measures would improve tax administration, facilitate business operations, and create a more favourable investment climate.

Highlighting the contribution of Chartered Accountants to the national economy, he said the profession plays a crucial role in tax compliance, financial reporting, auditing, investor confidence, entrepreneurship development, employment generation, and attracting foreign investment. He added that ICAB remains committed to providing constructive policy recommendations to support the country’s economic progress.

The institute concluded that stronger collaboration among the government, the business community, and professionals would be essential to ensure sustainable economic growth and strengthen Bangladesh’s economic resilience in the years ahead.

The press conference was moderated by MBM Lutful Hadee, while closing remarks were delivered by ICAB vice president Md. Moniruzzaman. Several senior ICAB officials, council members, and professionals attended the event.