The major elements of aggregate and long term development consist of consumption, investment, net export and government expenditure. The latter is fueled by revenues from taxes so when more and more taxes will be paid, the government expenditure will also be increased. If we don’t pay our due taxes, at the end of the day our country will suffer and so will we. Therefore it is important to pay taxes and let the economy flourish.
A country takes decades to develop and its economic growth rate never comes to a halt, it either accelerates or slows down. Tax is one of the key instruments with which economic growth can be affected for better and also for worse. For example, if tax rate is abnormally raised consumers will be left with lower disposable income and will be unable increase their consumption. On the other hand, corporate taxes are sometimes lowered as an incentive for companies who pay large amounts in taxes. When tax raises cause more harm than good only then it can become a burden for consumers but in general, paying tax is a responsibility for all citizens.A country’s overall progress can be significantly improved with taxes.
If tax payers are honest, Bangladesh will reach its intended goals to become a developing country. According to National Board of Revenues (NBR), the number of tax payers has increased by half a million from last year. Moreover, since 2016, the rate of income tax return has increased by forty percent. It will take some time for Bangladesh to develop a tax culture but we have to start trying from now so that with time, tax paying becomes a healthy habit for all of us.For this to happen, citizens should be made more aware of their duties as tax payers through workshops and seminars. Small incentive could also be provided to those who pay their taxes on time.