IMF asks NBR to shorten list of tax exemption beneficiaries

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FE Report
International Monetary Fund (IMF) has urged the revenue board to shorten the list of beneficiaries enjoying income tax exemptions, update the laws related to Value added Tax (VAT) and reduce customs duty on imported goods from next fiscal commencing July.

A staff team of IMF met high officials of the National Board of Revenue (NBR) Wednesday to discuss those agenda.
The IMF staff mission comprising deputy division chief of the Asia Pacific Department David Cowen and IMF resident representative to Bangladesh Eteri Kvintradze, held separate meetings with income tax, VAT and customs departments.
The IMF team is expected to hold a series of meetings on major macro-economic issues with the relevant government ministries and departments until April 12. It arrived on Tuesday.
They have discussed revenue earning performance during the first three quarters of the current fiscal and action plan for the last quarter.
In the meeting, IMF has expressed its willingness to provide all kinds of assistance, both financial and technical, to the revenue board for carrying out its reform activities.
"The National Board of Revenue (NBR) is not willing to seek financial assistance from IMF right now," said its chairman.
"We have achieved 100 per cent of our revenue target in the first nine months of the current fiscal. The board will not seek any fund allocation from IMF," said NBR chairman Dr. Nasiruddin Ahmed.