Government's revenue authorities have now weaved a web of strategies to collect an additional Tk 111.64 billion in taxes during the upcoming financial year (2015-16).
Tax officials are hopeful that the National Board of Revenue (NBR) would be able to mobilise this amount by banking on the proposed and amended fiscal measures in the budget for fiscal year (FY) 2015-16.
Three of its wings--income tax, Value Added Tax (VAT) and customs department-expect to exact the additional amount of tax revenue in FY 2015-16 through innovative utilisation of the budgetary measures proposed in the Finance Bill 2015.
From the new and revised tax measures, the income tax wing eyes additional Tk 40.37 billion while Value Added Tax (VAT) Tk 59.62 billion and customs Tk 11.65 billion.
A normal revenue growth of 14 per cent, strengthening the automation, enforcement and improvement of the services are among the means to achieve the aggregate revenue-collection target.
However, the officials said, there would be a normal flow on collection of taxes and the additional revenue would come through the strategies devised by the board. Â
The estimate has been revealed in a detailed strategic plan of the NBR to achieve the ever-highest revenue growth of 30 per cent.
The strategic plan was tabled before Finance Minister AMA Muhith Monday in a meeting held on the NBR premises with the tax officials gathered from across the country.
For the next fiscal, the government has set the tax-revenue target at Tk 1.76 trillion, some Tk 410 billion higher from the revised target of the NBR in the outgoing year.
A set of tax measures, it is hoped, would help the NBR collect tax revenue against an elevated target the finance minister himself termed 'ambitious'.
These include imposition of 2.0 per cent advance income tax (AIT) on import of some essential commodities, upward adjustment of corporate tax and supplementary duty (SD) on cigarettes, new 5.0 per cent SD on mobile-phone talk-time, assigning companies with Tk 10 million (Tk 1.0 crore) annual turnover as VAT-deducting entity.
The board projected some 14 per cent natural revenue-collection growth over the current FY for each of the three wings. It eyes some Tk 189.74 billion tax-revenue in the upcoming fiscal from the targeted growth.
Through enforcement, automation and improving taxpayer service the NBR expects to mobilise an amount of Tk 107.04 billion in tax revenue through its three wings.
For FY 2015-16, target for income tax has been set at the highest level so far, Tk 659.32 billion, while VAT stands next with Tk 639.02 billion and customs Tk 465.36 billion.
To achieve the target, the NBR has devised strategies like strengthening monitoring, detecting potential large and medium-scale taxpayers and regularly audit and inspecting them, conducting taxpayer survey, intensifying motivational and service-providing activity, and ensuring taxpayer-friendly environment in the tax offices.
Its strategic tasks also include checking false declaration and under-invoicing, making the bonded-warehouse facility transparent, monitoring import of goods that are vulnerable for revenue loss, risk management and intelligence activity, expediting realisation of stuck-up revenue through alternative dispute resolution (ADR), stern measures for collection of tax arrears and expanding tax net in upazila level.
doulot_akter@yahoo.com
NBR expects to mobilise large additional revenue through strategic plan
Doulot Akter Mala | Published: June 10, 2015 00:00:00 | Updated: November 30, 2024 06:01:00
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