BTMA president calls for transparency in tax revenue spending

The government must ensure greater transparency in how tax revenue is spent before asking businesses to carry a heavier tax burden, Showkat Aziz Russell, President of the Bangladesh Textile Mills Association (BTMA), said today.

He made the remarks while speaking as a panellist at the  ICAB-FE pre-budget roundtable at CA Bhaban in the capital’s Karwan Bazar area.

Mr Russell said digital accounting and modern tools can help improve transparency, but such measures will not deliver results unless they are backed by meaningful policy reforms.

He said that a nationalised QR code-based system and stronger digital reporting could support better documentation in business transactions.

However, he warned that technology alone cannot solve the deeper problems facing the country’s industrial sector.

The BTMA president said Bangladesh’s textile and garment industries grew in the past because of policy support, including tax exemptions, specialised financing facilities and other incentives.

But he said the current economic environment has become increasingly difficult for manufacturers, with many factories struggling to survive.

Mr Russell said factory closures are not only the result of market pressure, but also linked to weak policy support, government mismanagement and a lack of accountability in public spending.

He criticised the state for focusing on high expenditure instead of ensuring efficient use of resources.

Businesses, he said, need to know how tax money is being used and whether public spending is creating real benefits for industry, employment and investment.

Mr Russell called for a clear budgetary commitment to support industrial stability, warning that business leaders may lose confidence in the sector if the government fails to create a favourable investment climate.

The pre-budget roundtable has been jointly organised by The Financial Express and the Institute of Chartered Accountants of Bangladesh.