They made the suggestion in a pre-budget meeting with Finance Minister AMA Muhith at the National Economic Council (NEC) in Dhaka on Sunday.
They hoped the recommendation would be considered before the 2014-15 budget was finalised.
Suranjit Sengupta, Chairman of the Parliamentary Standing Committee on the Ministry of Law, Justice and Parliamentary Affairs, said many corporate houses were holding thousands of acres of land across the country for years without making the promised investment.
“This can’t continue. They should either set up the industry or return the land to the government with compensation,” he said.
He suggested legal actions against such errant firms.
He also proposed a widening of the tax net, subsidies for poultry and fish feed, and the dropping of taxes on government savings certificates.
Ali Ashraf, Chairman of the Parliamentary Standing Committee on the Ministry of Commerce, also asked for levying taxes on more people and businesses and greater transparency in government work.
“There is no alternative to expanding the tax net. The economy cannot be protected if the area of direct tax isn’t widened,” he said.
AKM Rahmatullah, Chairman of the Parliamentary Standing Committee on the Ministry of Information, said: “The country’s population is on the rise, but its land is constant. It’s necessary to create employment for this increasing population. For that we need a planned industrialisation. So, it’s essential to prepare a land-use guideline.”