The National Board of Revenue (NBR) is now putting its focus on settling the long pending cases through Alternative Dispute Resolution (ADR) system to boost the revenue collection. The revenue collecting authority of the country is at unease as the first two months of the running FY24-25 saw a setback in the collection due to the political unrest, officials said. A senior official of the NBR said that all commissionaretes have been asked to make a list of long pending cases which can be settled through the ADR. The NBR official said that emphasis has been given to utilise the ADR system to clear these cases. The official wished anonymity as he is not authorised to speak on the subject. In a recent meeting, NBR Chairman Md Abdur Rahman Khan asked the officials to take effective steps in this regard, said another official this week. "The NBR chairman also asked the officials to take all out efforts to realise the outstanding taxes," the NBR official said. The NBR introduced ADR on July 1, 2012 to speed up disposal of the revenue-related cases through out-of-court settlement. NBR reforms advisory committee likely to start work next week despite some confusions ADR is a tool that parties can use to settle disputes with the help of a third party. It is used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also increasingly being adopted as a tool to help settle disputes within the court system. The NBR chairman has asked the  officials concerned to expedite the Alternative Dispute Resolution (ADR), the NBR official told UNB. Another senior official of the NBR said that as per the law taxpayers have to apply to resolve the tax related disputes. He mentioned that some taxpayers always try to evade tax and feel encouraged to settle the matter in the courts.  He also said that those who failed to make any headway in the courts usually come to the ADR system for resolving their disputes. An NBR official involved in the ADR said that due to the reluctant attitude from the businesspeople of the country the system is yet to give its full swing benefit for them and also for the national exchequer. "The NBR has taken various types of initiatives to vibrant the system, and a former NBR member has been appointed after forming a neutral cell for this system," he said. The NBR chairman, while talking to reporters recently, said ADR is a system where both parties can avail a win-win chance. NBR accelerates efforts to clear revenue case backlog He mentioned that if the taxpayers and tax authority do not come to a consensus then there is nothing to do in this ADR system. “For that reason many do not want to go to the ADR process,” he said. In this connection, the NBR chairman pointed out the reluctant attitude of taxpayers and tax collecting authority as they both want to win it all. “In ADR system both have to compromise or both have to sacrifice, that is the meaning of the ADR,” he said. The chairman  mentioned that those who are involved in the ADR are very much experienced and know the law very well. “They try to convince both parties to come for a consensus. If the taxpayers and tax collecting authority do not want to go for a long legal battle then ADR is the best option,” the NBR chairman said. As per available data, there are more than 27,000 cases pending in various courts related to income tax, Vat and duty involving not less than Tk 39,000 crore. Read more: How to file your Tax Returns in Bangladesh

Irregularities including theft and missing of goods at Carew & Co. (Bangladesh) Ltd, a traditional industry in the southwestern district of Chuadanga’s Darshana, have become a common phenomenon, thanks to the indifference of the authorities concerned. The mismanagement has apparently turned into a rule at the industry which is embroiled in ongoing issues of theft, particularly concerning foreign liquor. It also produces various alcoholic beverages along with sugar and vinegar. Despite the authorities forming probe committees and imposing temporary punishments on those found guilty, these offenders often return to their illicit activities shortly after, leading to the establishment of a racket. This situation continues even after the recent change in government following mass upsurge. Ahead of the Durga Puja, the syndicate has again become more active than ever as the demand for the liquor increases several times this time, said sources. On September 30, six bottles of foreign liquor were recovered from a toolbox of an electrician in the distillery department of the organization. Although the initial response was to downplay the incident until it became public knowledge. Read: Sugarcane threshing begins at Drashana's Carew & Co sugar mill  Last June, an allegation of missing 13,000 liters of DS spirit from the distillery department surfaced. Additionally, accusations of financial irregularities concerning the permanent hiring of 104 workers emerged in May, leading to legal action against several people, including the former Managing Director Mosharraf Hossain, Collective Bargaining Agreement (CBA) President Sabuj and General Secretary Masud respectively. The Carew & Co. (Bangladesh) Ltd is the only profitable state-owned sugar mill in the region, yet its alcohol production has become a significant source of profit. While law enforcement has made arrests related to the theft of alcohol, the company’s management appears largely indifferent to the issue. Recent police operations have intercepted several shipments of locally made and imported alcohol, leading to multiple arrests of Carew employees. Allegations suggest that labour unions have been complicit in enabling this syndicate, and some local politicians have provided protection for these operations, further entrenching the issue. Preferring anonymity, a worker of the organisation said thefts during the transportation of local liquor to various depots have been common, with drivers and workers sometimes colluding to facilitate these activities. Read more: Selling alcohol, Carew and Company earned a record Tk232.96 crore in 6 months Some workers wishing not to be named claimed that employees in the distillery department collaborate with labour union leaders to execute these thefts, which have reportedly increased during the current administration.  

Despite dollar shortage, preventing traders from opening letters of credit (LC) as needed, the Benapole Custom House exceeded its revenue target for the 2023-24 fiscal year by Tk 216 crore. The revenue target for Benapole Custom House in the 2023-24 fiscal year was Tk 5,948 crore. Actual revenue collected amounted to Tk 6,164.59 crore. According to Benapole Custom sources, the total import volume for the 2022-23 fiscal year was 1.445 million tons, which increased to 1.72178 million tons in the 2023-24 fiscal year. Read more: Bangladeshi injured in BSF firing along Benapole border Kamal Uddin Shimul, Vice President of the Benapole C&F Agents Association, attributed the initial revenue shortfall to global economic recession, rising dollar exchange rates, and the resulting reduction in LCs by commercial banks. However, higher imports of goods with elevated duty rates towards the end of the fiscal year led to increased revenue collection at Benapole Custom House. Importer Monir Hossain highlighted that many businesses could not open LCs due to banks increasing exchange rates amid the global recession and dollar shortage, significantly reducing imports through Benapole land port. Nonetheless, the government’s sudden increase in import duties on various goods boosted custom revenue. Abdul Hakim, Commissioner of Benapole Custom House, said that the increase in high-duty imports towards the end of the fiscal year, combined with the government’s raised duty rates, contributed to exceeding the revenue target. He emphasized the implementation of a zero-tolerance policy against tax evasion at the port, with a 200% penalty imposed on irregularities, which also boosted revenue. Additionally, imports for the government’s mega projects through Benapole further increased custom revenue. Read more: Export-import resumes through Benapole land port after Eid

The government of Bangladesh has no complete list of public services against which it levies fees or charges. “There are thousands of public services against which the government levies fees or charges, but there is no complete list of such fees and charges and when those were imposed,” according to an official document of the Finance Ministry. According the official document titled ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’ of the Finance Division of the Finance Ministry, the government has partially set up an online database of all non tax revenue (NTR) items with the fees, charges or prices and their dates of imposition. “This partial database has opened scope with the hope of increasing NTR income manifolds from administrative fees,” it said. On the other hand, the government is not only focusing on enhanced revenue mobilisation from NTR by raising fees or charges, but also putting its best effort to ensure efficient and satisfactory service delivery. Take the country forward foiling conspiracies: PM Hasina urges in Independence Day speech  The government has taken numerous initiatives to make service delivery systems paperless and to minimise human deployment in this system. This is one of the key features to building Smart Bangladesh by 2041, the document said. The government has multiplied public investment during the last one and a half decade, of which the SOEs/Autonomous Bodies (ABs) have enjoyed capital support either in the form of loans or equities. Loans are registered under government accounts through Subsidiary Loan Agreements (SLAs) and thereby interest is charged. “However, there is no consolidated database for equity investments of the government and therefore there is no precise estimate for dividend income,” the official document said. The government has taken the initiative to create an exhaustive database for equity investments in the SOEs/ABs as well as establish a Financial Reporting Council for setting standard financial statements to ensure proper assessment of these organisations. According to the ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’, With the economic advancement of the country the scope and volumes of public services have evolved and expanded. Read more NBR’s three-pronged strategy to boost revenue collection Government organisations are engaged in delivering various new services in new forms to the public. The government has taken initiatives to explore such novel and voluminous services against which fees/charges may be collected through organising stakeholders’ consultation workshops, seminars, etc. As per the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division, some Tk 5343 billion will come from tax revenue sector in the 2024-25 fiscal year and Tk 6463 billion in 2025-26 fiscal year. In the next two fiscal years, the National Board of Revenue (NBR) will provide Tk 5095 billion and Tk 6171 billion. From the Income Tax wing, the collection will be Tk 1753 billion for the next fiscal while Tk 2123 billion for 2025-26 fiscal, and the collection from import duties will be Tk 1511 billion and Tk 1830 billion respectively. From the VAT and supplementary Duties, the revenue collection will be Tk 1831 billion and Tk 2218 billion respectively. The non-NBR tax for the 2024-25 fiscal and 2025-26 fiscal will be Tk 248 billion and Tk 292 billion respectively with non-tax revenue collection will be Tk 529 billion and Tk 634 billion respectively. The target for running 2023-24 fiscal is Tk 5000 billion with Tk 4500 billion from tax revenue. Of the total amount, Tk 4300 billion will come from NBR through Tk 1480 billion from income tax, Tk 1275 billion from import duties, Tk 1545 billion from VAT and supplementary duties. Some Tk 200 billion will be collected from the non-NBR sector while Tk 500 billion from the non-tax revenue sector. Young entrepreneurs must step up to break the hold of syndicates: DG of Consumer Rights

Aiming to significantly boost revenue collection from domestic sources, the National Board of Revenue (NBR) is adopting a three-pronged approach. These are: digital transformation, expansion of tax net, and enhancing administrative capacity. The core idea is to make tax payments easy and transparent to improve taxpayer services which in turn will help NBR to collect more revenue, according to an official document. According to the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division of Finance Ministry, the government has taken some Major reform measures to materialise the move. The VAT & Supplementary Duty Act 2012 has been implemented in July 2019. With the implementation of the new act, the collection of VAT and supplementary duty is expected to receive a significant boost in the medium term. After the initial hiccup and the shortfall due to the outbreak of COVID-19, revenue collection accelerated in FY22. The government has enacted the new Customs Act, which replaced the Customs Act 1969. International best practices in customs, including that of the World Customs Organization (WCO), the revised KYOTO Convention and the WTO Trade Facilitation Agreement have been incorporated here. NBR will go after house and flat owners for not filing returns; NBR Chairman The law aims to harmonise and simplify customs processes to facilitate the collection of custom duties. The new Income Tax Act is also expected to create an enabling environment for taxpayers, streamline income tax assessment and collection, and facilitate domestic and foreign investment. To implement the new VAT law, the NBR undertook the ‘VAT Online Project (VoP)’ which was in operation since 2013 and concluded in June 2021. Under the VOP, the official document said that the three important automation measures have been completed. First, the Online VAT Registration began in March 2017. Again, the central registration system has been in force since July 2019. The NBR has introduced online return submission in July 2019. The digital filing system has been introduced in the form of online submission of VAT returns. The NBR has rolled out the electronic payment (e-payment) of customs duties in 2017, income tax in 2012 and VAT in 2020. Income tax can be paid through MFS (mobile financial services) as well. To facilitate real-time deposit of government money to the national exchequer, the government has launched the Automated Invoice Portal. This Automated Challan (also known as A-Challan) will act as the receipt window of the government. The payment of income tax has already been brought under the A-Challan system on a pilot basis. The NBR now plans to expand its use for payment of VAT and customs duties. The A-Challan will ensure the timely deposit of money including the prevention of fake return submission and revenue evasion.Moreover, the discrepancy between the amount of revenue collected by the NBR and the accounts given by the Accounting Offices will be eliminated. The Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) said that individual taxpayers can now submit their tax returns online. NBR extends deadline for filing companies’ tax returns to April 30 The NBR has successfully launched eTDS Environment for easy and hassle-free processing of income tax at the source. With the introduction of this system, taxpayers’ time, cost and visits have been reduced to almost zero. Taxpayers can now submit fourteen reports in the eTDS environment. To stop evasion in VAT and enhance VAT collection, the government has introduced Electronic Fiscal Devices (EFD) with a sales data controller mechanism. The government has already installed 9270 EFD/SDC (Sales Data Controller) machines. NBR has selected 24 sectors, including residential hotels, bakeries and fast foods, decorators and caterers, sweet shops etc. for this purpose. To broaden the coverage, the government has decided to outsource the installation of EFD/ SDC machines with a target of 60,000 EFD/ SDC in the first phase and 3,00,000 in five years, if the first phase brings good results. Besides, to prevent tax evasion and to bring transparency in VAT record keeping, the government has made the use of NBR-prescribed VAT software mandatory in VAT-registered industries with annual turnovers of Tk 5 crore or above. The NBR has made provisions to enable internet-based companies, such as Google, Facebook, Microsoft etc. to pay their VAT on online sales. This allows these companies to pay their VAT through their authorised VAT agents without opening their office in Bangladesh. The NBR plans to operationalise the risk management system to ensure that no more than 10 percent of the import consignments are subject to physical examination. To that end, the NBR has established a Central Risk Management Unit/Commissionerate for Customs. To streamline the bonded warehousing system, reduce its misuse and make it transparent, the government has taken a project that aims to automate the bond management system by June 2023. Meanwhile, the licensing module has started operation and other modules will become operational soon. Bangladesh Customs will soon be conducting a Time Release Study in the major custom houses to take stock of the actual time taken in the release of imported consignments. The objective of the TRS will be to identify bottlenecks in customs clearance and to take measures to reduce clearance time. The NBR strives to expand the number of taxpayers and has made the return submission mandatory for all TIN-holders with a few exceptions. Other reform efforts by the NBR included – i) implementation and activation of Online National Single Window, Post Clearance Audit, Advance Ruling, Authorised Economic Operator, and thereby increasing dynamism in international trade; ii) full implementation of online income tax return submission under SGMP project; iii) implementation of “Individual Source Tax Deduction Monitoring Zone” to strengthen income tax deduction monitoring; iv) expansion of the e-Payment system in income tax; v) activation of transfer pricing and anti-money laundering activities; and vi) strengthening ICT infrastructure construction and automation activities. Administrative expansion of the income tax department is underway, the Medium Term Macroeconomic Policy Statement added. Introduction of the Document Verification System (DVS) has brought financial discipline and positively contributed to boosting tax collection both in income tax and VAT by increasing transparency. NBR collects nearly Tk 2 lakh crore in 7 months, growth over 15%

The government of Bangladesh has set ambitious revenue collection targets for the fiscal years 2024-25 and 2025-26, aiming to gather Tk 5872 billion and Tk 7097 billion, respectively. The strategy hinges on enhancing digitalization and simplifying tax procedures for both businesses and individuals. The focus will be on direct taxes and VAT to raise more revenue. In addition to expanding the tax net and increasing the capacity of tax officials, exercises will be carried out to rationalise the current culture of widespread tax exemptions and to bring in heightened transparency in the budgetary discourse. As per the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division of Finance Ministry, some Tk 5343 billion will come from the tax revenue sector in 2024-25 fiscal and Tk 6463 billion in 2025-26. In the next two fiscal years, the National Board of Revenue (NBR) will provide Tk 5095 billion and Tk 6171 billion. From the Income Tax wing, the projected collection will be Tk 1753 billion for the next fiscal, and Tk 2123 billion for 2025-26 fiscal. Collection from the import duties will be Tk 1511 billion and Tk 1830 billion respectively. Tk 16.8cr in 4 days: AL revenues from nomination forms outpace toll collection from megaprojects From VAT and Supplementary Duties, the revenue collection will be Tk 1831 billion and Tk 2218 billion respectively. The non-NBR tax for 2024-25 and 2025-26 will be Tk 248 billion and Tk 292 billion respectively. Non-tax revenue collection will be Tk 529 billion and Tk 634 billion respectively. The target for the running 2023-24 fiscal is Tk 5000 billion with Tk 4500 billion from tax revenue. Of the total amount, Tk 4300 billion will come from NBR through Tk 1480 billion from income tax, Tk 1275 billion from import duties, Tk 1545 billion from VAT and Supplementary duties. Some Tk 200 billion will be collected from the non-NBR sector while Tk 500 billion from non-tax revenue sector. According to the Medium Term Macroeconomic Policy Statement, revenue outturns estimated for 2023-24 and projection for the next two years show high elasticity and buoyancy, implying robustness in revenue mobilisation in the medium term. It mentions that among the tax and non-tax parts of the revenue, the tax revenue is forecasted to be more buoyant and elastic than the non-tax part. Read more: Tax automation would generate more revenue collection: DCCI President The elasticity data shows that the overall revenue is projected to grow 1.65 times higher than the nominal GDP in FY 2025-26. As per the statement, the revenue elasticity of GDP for the 2023-24 fiscal is 1.28 times higher than the last fiscal while it is projected to be 1.40 times higher in the next 2024-25 fiscal year. The tax revenue elasticity of GDP will be 1.33 times higher in the current fiscal while it will be 1.50 times higher in the next fiscal and 1.66 times higher in 2025-26 fiscal year. The non-tax revenue elasticity of GDP for the running fiscal will be 0.92 times higher in the current fiscal, 0.47 times higher in the next fiscal year, and 1.57 times higher in 2025-26 fiscal year. On the other hand, the buoyancy indicates that, in FY 2025-26 the tax revenue in real terms may grow 98 percent higher than the growth of real GDP. The Policy Statement mentions that the revenue mobilisation acts as a catalyst to achieve the development outcomes of a country. Bangladesh has envisioned its long-term development trajectory to be a higher middle-income country in 2031 and to be a developed country in 2041. Read more: Increase revenue, quality of services at airports: Faruk Khan tells CAAB In addition to these aspirations, the ‘Perspective Plan of Bangladesh 2021-2041’ has targeted to raise the revenue- GDP ratio to 19.55 percent by 2031 and to reach 24 percent by 2041. The statement says that the spectacular growth Bangladesh registered in the last decades, however, has not been underpinned by concomitant revenue growth. A large share of the revenue comes from the direct (income tax) and indirect taxes (VAT and customs) collected by the National Board of Revenue (NBR). Non-NBR taxes and Non-Tax Revenue (NTR) consists of smaller parts. It said that there is a need to identify the reasons for low revenue collection to move onto the essential next step to correct the course. It is important to understand various issues such as the economic structure (large informality and exemptions), structural weaknesses (complicated processes and information asymmetry), and cultural factors (apathy towards paying taxes) that contribute to significant underperformance in revenue collection. The government, the policy statement said, with the support of private sector operators, is keen to make paying taxes easy, tax rules easy to understand and rationalise tax exemptions. Success in revenue collection will be strengthened by making the tax administration easy to approach, increasing digitalization to bring in transparency and predictability and bringing in progressivity in taxation where rich people pay a higher part of the taxes, it added. Revenue collection up by 14.36 percent in July-October, but behind target: NBR

The government aims to collect total revenue amounting to 11.2 percent of GDP by the end of the 2025-26 fiscal, according to the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division under the Finance Ministry. It said that Bangladesh has consistently maintained an expansionary fiscal stance keeping a moderate budget deficit—usually around 5 percent of GDP—to foster economic growth, reduce poverty, and improve social outcomes. However, the tax-GDP ratio in Bangladesh is significantly lower than its peers and hence, the government has taken several initiatives to improve revenue collection. Yet, it said, the fast pace of GDP growth has made it challenging to increase the ratio. No tax fair, NBR will organise tax support service to smooth returns submission The measures that have been undertaken are expected to gradually improve revenue collection by increasing both the tax volume and the number of taxpayers. The Statement said that the foremost objectives of the public expenditure policy are to stimulate private investment through building infrastructures and improving the business climate, creating employment opportunities, supporting low-income population through social safety net programs, and reducing poverty through ensuring efficient redistribution of wealth and thus ensuring inclusive development. With the advent of the Covid-19 outbreak, the government started to focus on saving lives while keeping the living standards from falling. To do this, it mentioned, the Government emphasised on retaining jobs, providing income support, keeping supply chains active, reviving the rural economy, and ensuring food supply. Public pension is considered tax-free, notification soon: Finance Ministry For this, the government increased spending and implemented comprehensive recovery programs consisting of twenty-eight stimulus packages. The stimulus efforts worked well and as a result the economy returned to a high growth trajectory fast while other countries continued to struggle. However, the Russia-Ukraine war has again posed considerable risks and to mitigate the risks the Government has been pursuing a policy to rationalise public expenditure to stimulate economic growth by inducing domestic productivity growth. While managing the economy to maximise welfare and development, the government is expected to maintain a budget deficit of around 5 percent of GDP over the medium term. Historically, the size of public expenditure has been low relative to GDP in Bangladesh because of various limitations in the process of revenue collection and budget implementation. Land Development Tax Bill 2023 passed in JS To improve the situation, the government has undertaken certain strategies to increase public expenditure. The target of increasing public expenditure has been set to around 16.2 percent of GDP in FY 2025-26. Moreover, the government is pursuing the Public Financial Management (PFM) reforms process to achieve this target. To improve overall public service delivery, financial control of budget allocations, real-time monitoring of budget execution, and integration of recurrent and capital spending, implementation of the PFM Action Plan (2018-23) is ongoing, and revised PFM Reform Action Plan (2024-2028) has recently been formulated. Under the PFM reforms, pension automation and E-challan automation systems have been introduced with the help of iBAS++ software. This system continues to play a significant role in simplifying the budget management process. At the same time, all beneficiary programs are being brought under the Government to Person (G2P) payment system with the help of the iBAS++ software, which brings greater transparency in government expenditure management. In addition, all government allocations from government institutions as well as all semi-government, autonomous, and state-owned enterprises, are being brought under the Treasury Single Account (TSA) through the iBAS++ system in the medium term. How to Deactivate TIN in Bangladesh: A Comprehensive Guide

The Dhaka Elevated Expressway has been witnessing higher traffic than targeted, allowing the authorities to collect tolls more than Tk 5 crore in tolls since it was opened to the public on September 3. Till 6am on Sunday (September 24), a total of 621,152 vehicles, mostly private cars, used the Dhaka Elevated Expressway and total revenue collection amounted to over Tk 5.03 crore, said project director of the Dhaka Elevated Expressway AHMS Akhtar. Prime Minister Sheikh Hasina on September 2 inaugurated the Airport-Farmgate segment of Dhaka Elevated Expressway after paying a Tk 2,000 toll for 25 vehicles in her motorcade. Each vehicle is charged Tk 80. Authorities opened the section from the airport to Farmgate of Dhaka Elevated Expressway for vehicular movement at 6am on September 3. It takes only 10-12 minutes to reach Farmgate from the Airport via the expressway. Read: BRTC launches bus service on Dhaka Elevated Expressway “We assumed earlier that on average around 20,000 vehicles would use the expressway daily but now the number has increased to around 30,000 vehicles,” said the project director AHMS Akhtar. When fully completed, the Dhaka Elevated Expressway will run from the capital’s Kawla to Kutubkhali area of Dhaka-Chattogram highway via Kuril-Banani-Mohakhali-Tejgaon-Moghbazar-Kamalapur-Sayedabad-Jatrabari. “We hope when it is completed, about 80,000 vehicles will be able to use Dhaka Elevated Expressway every day,” Akhtar told UNB. Replying to a question, the Project Director said vehicles can run at a speed of up to 80 km/h according to the design of the expressway but they have limited it up to 60 km/h, and 40 km/h on the ramp. They are yet to start enforcing law against violators of speed limit, although CCTV cameras and other equipment have already been installed on the expressways. Read: Elevated expressway a big step towards Smart Bangladesh: Korean Ambassador Meanwhile, Bangladesh Road Transport Corporation (BRTC) has been running buses on the Dhaka Elevated Expressway starting from September 18. Passengers are now crossing the Dhaka Elevated Expressway for just Tk35. Earlier on September 15 , BRTC Chairman Tajul Islam announced the new bus route from Khejur Bagan to Jashimuddin Road on the Elevated Expressway. He said initially a total of eight buses were supposed to operate from three depots. Commuters can board the buses from both ends of the expressway, he added. But the number of BRTC buses, plying on the express highway, has raised to 12. “A total of 12 buses are now running on the expressway route. Passengers are satisfied with the service, we are satisfied too that the number of passengers is increasing,” said Bishwajit, BRTC bus counter staff working at the Farmgate bus counter of Uttara-Farmgate BRTC bus route. Read: Traffic jam at landing points as Dhaka Elevated Expressway opens Eight double-decker buses started plying the expressway initially from September 18, he added. Bishwajit informed that a bus is running every 10 minutes from the farmgate bus counter to Uttara. Buses are sometimes late because of the traffic jams on either end of the expressway, he said. “We are working day and night to make the service better for the passengers. The number of buses has been increased on the route for increasing the number of passengers, soon the bus schedules can be maintained tightly,” he further said. Tanjila Rahman, a commuter, was buying a ticket from the Farmgate BRTC expressway bus counter to go to Uttara on Sunday afternoon. When asked, she said that she had come for a job interview in the morning and that she had reached Indira Road from the airport in just 10-15 minutes. “I liked the service very much. It took much less time than usual to reach from airport to here. I am going back through the same route,” she added. Another commuter, Md Rayhan, said that previously he had to travel for at least 1.5 hours to reach his office in Karwanbazar from home. He stated that it is a fantastic experience for him that he is able to reach his office using the expressway in just 20 to 30 minutes. Read: Another dream comes true: PM Hasina opens country’s first elevated expressway Another passenger Rafiujjaman Riyon opined that local buses have too many stoppages, take too much time and they often charge higher fares. “BRTC expressway route uses e-ticketing system, so the fee stays fair. BRTC could make the bus seats more comfortable. Also, if the route had a few more stops, it would help a greater number of passengers,” he suggested. UNB correspondent Taufiq Hossain Mobin took a ride on an expressway bus. It set off at 1.10pm from Farmgate for Uttara. The bus was slow at first because of the traffic jam on Bijoy Sarani, taking 23 minutes to get on the expressway. After that, the bus took only 17 minutes to reach the end of the expressway but slowed down again due to the traffic jam at the other end and he got off from the bus at 1.51pm at the airport.

Since the COVID-19 pandemic, businesses have been navigating a rapidly changing landscape. Traditional revenue generation methods may no longer be as effective, and companies are looking for innovative approaches to drive growth. One such powerful yet often overlooked strategy is leveraging social capital. By effectively utilizing social capital, businesses can enhance revenue generation and gain a competitive edge. Let's take a look into the concept and methods of social capital building. What is Social Capital? Social capital refers to the value embedded within the relationships and networks a company has built with various stakeholders, including employees, customers, suppliers, and the wider community. It encompasses trust, shared norms, and mutual obligations.  Social capital can manifest in various forms, such as strong customer relationships, influential industry connections, and a supportive network of partners. It represents an intangible asset that companies can leverage to gain a competitive advantage and stimulate revenue growth. Read more: How to Build a Successful Company? Significance of Social Capital in Business Social capital holds immense significance in the business realm. It enables companies to access resources, knowledge, and opportunities that might otherwise be unavailable. By fostering strong relationships with customers, companies can enhance customer loyalty, drive repeat business, and benefit from positive word-of-mouth referrals.  Additionally, social capital facilitates collaboration and knowledge-sharing among employees, leading to increased productivity and innovation. Companies with robust social capital often enjoy favorable partnerships, joint ventures, and business opportunities that arise from a strong network. Ways to Build Social Capital for the Growth of Your Business The following strategies can help you develop social capital and generate more revenues for your business or company. Building A Strong Network  Building a strong network involves actively connecting with individuals and organizations within your industry and related fields. It would be helpful if you attend conferences, industry events, and trade shows to meet potential customers, partners, and influencers. Read more: Silent Partner vs Investor in Business: Know the Difference, Pros and Cons You may engage in networking activities both online (LinkedIn can be a great option) and offline, such as joining professional associations or participating in industry-specific forums. Attempt to actively seek opportunities to establish relationships and build rapport with key individuals. Cultivating Relationships  Once you have established connections, it would be better to focus on cultivating meaningful relationships. It is essential to invest time and effort in nurturing these relationships by providing value, offering assistance, and sharing relevant insights. You can develop yourself as a resource by sharing industry knowledge, providing support, and connecting individuals who can benefit from each other. By consistently demonstrating your willingness to help and contribute, you can strengthen your social capital and increase the likelihood of receiving support and referrals. Read more: What to Consider Before Investing in a Startup or Company? Growing Strong Customer Relationships  Try to focus on building meaningful connections with your customers. Building and nurturing strong relationships with customers is essential for utilizing social capital. Companies can focus on providing exceptional customer experiences, personalized services, and addressing their needs effectively. By going the extra mile to foster trust and loyalty, businesses can benefit from positive customer testimonials, repeat business, and increased referrals.

The Centre for Policy Dialogue (CPD), a think tank, in its traditional post-budget review on Friday (June 2, 2023) said the proposed national budget of Bangladesh for FY 2023-24 projected ambitious targets for both GDP growth and inflation, without putting forth any realistic measures to achieve them in light of global and domestic crises. The CPD said budget focused on increasing tax-GDP ratio, but the revenue growth target is not realistic, so the volume of deficit financing will ultimately widen. CPD Executive Director Dr Fahmida Khatun led the post-budget review, held at a hotel in Gulshan, and televised live on some tv channels. She said the budget has been placed at a time when the macroeconomic stability of Bangladesh has weakened significantly. REad: Proposed budget targets are challenging: FICCI “The macroeconomic stress is visible on lowering growth of revenue mobilisation and shrinking of fiscal space of current fiscal year (FY 2022-23), soaring borrowing from banks, higher price of daily essentials and decreasing foreign exchange reserve,” she added. The private credit growth projected to 15 percent in FY 2023-24 that was 14.1 percent in 2022-23. As of April 2023, private sector credit growth was 11.3 percent, she said. Replying to a query, CPD’s distinguished fellow professor Dr Mustafizur Rahman said the revenue growth projection in 2023-24, compared with actual revenue achievement of FY2022-23, wpi;d be a massive 39 percent, which is "absolutely ambitious" - perhaps even overambitious. The budget’s growth projection occurred based on a wrong concept, so multi sectoral problems would arrive in the implementing stage of the proposed budget. Read more: Budget 2023-24: Govt allocates Tk88,162 crore in education sector, up 8.2% Mustafiz expected a monetary policy reflecting fiscal policy in light of the budget and controlling measures of higher inflation. Khondaker Golam Moazzem, research director of CPD said the budget technically avoided the capital market development policy, which is very essential for such a developing economy. “Without establishing a realistic and sustainable capital market, investment financing cannot grow, the government incentive based capital market cannot play a role in new investment in the capital market,” he added. Towfiqul Islam Khan, Senior Research Fellow in CPD said curiously, no mention was found regarding the accumulation of external payments arrears or new forex reserve. REad: Finance minister unveils the country’s largest ever budget in Parliament Details about critical reforms, including shifting towards market-based dollar exchange rate and interest rate and adoption of periodic formula-based petroleum product prices, have not been explained in the budget speech, he said. The CPD projection said Bangladesh's proposed national budget of FY 2023-24 targets 15.5 percent growth will be around 39.7 percent growth target compared to the current budget achievement and Tk1.42 lakh crore is needed to be mobilized.