Individual and corporate income tax will get priority attention for the first time in the upcoming financial year (FY) as Finance Minister AMA Muhith Monday handed taxmen their task list for an aggressive collection drive.
Mr Muhith admitted that the tax-revenue-collection target was quite 'ambitious'. But the government expects a 'big jump' (in tax collection) in FY 2015-16, he said.
He was talking to newsmen after his meeting with the tax officials on the revenue-board premises.
The finance minister held the meeting with the tax officials, who had come from across the country, to guide and encourage them to work efficiently for achieving the tax revenue target set at Tk 1.76 trillion for the upcoming fiscal.
Aggregate income-tax collection for the outgoing FY might stand at Tk 500 billion and the target for 2015-16 has been raised to Tk 650 billion in the proposed budget.
"We have set a bit high target for income tax. But, it has been set after the taxmen in a survey found the scope for two fold increase in the existing number of taxpayers," said the finance minister, who has proposed an enhanced budget outlay of over Tk 2.95 trillion for the upcoming fiscal.
The survey was conducted in Dhaka and its adjoining areas where taxmen found the presence of many potential taxpayers who owned property, houses and cars, he added.
"Taxmen would chase the people in accordance with the list prepared after the survey," the minister said about an aggressive drive ahead to mobilise funds to finance the budget.
He said survey outside Dhaka would continue to find out potential and new taxpayers at upazila level.
"We held the meeting today with the collectors of taxes to make revenue target realisable," he said.
The custodian of exchequer instructed the tax officials to 'plan their job' from the beginning of the year.
The National Board of Revenue (NBR) presented a work plan before the finance minister on how to achieve its revenue-collection target.
"The target is ambitious 'undoubtedly', but NBR is capable of achieving it," the minister said.
Manpower for the NBR has been increased to 22,000 from 13,000, he pointed out.
"Achieving 30 per cent growth in revenue collection is possible too as we attained 23 per cent growth in revenue collection earlier," the finance minister said.
Responding to a query, he said the rate of minimum tax may be revised following recommendation of the cabinet.
"We had planned to slap same tax for all taxpayers irrespective of the places of their living, but now it would be split on the basis of areas," he said.
Minimum tax would be imposed on the taxpayers in the cities like Dhaka and Chittagong while another rate for upazilas and next one for the rest of the cities.
doulot_akter@yahoo.com
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