Govt eyes Tk 200b income tax collection in five years
Wednesday, 16 September 2009
FE Report
The government eyes an annual earning of Tk 200 billion from income tax over the next five years by motivating taxpayers and ensuring friendly environment in the tax administration, Finance minister AMA Muhith said Tuesday.
Income tax collection target has been set Tk 165.60 billion for the current fiscal, which is 27 per cent of the total revenue target for the year.
"We have to concentrate on income tax collection so that the country could earn its required revenue from direct tax," the finance minister said in a ceremony arranged in the city on the occasion of National Income Tax Day-2009.
The National Board of Revenue (NBR) organised the programme at the Bangabandhu International Conference centre, chaired by revenue board Chief Dr. Nasiruddin Ahmed. Finance minister attended the programme as chief guest while economic affairs adviser to the Prime Minister Dr. Mashiur Rahman was special guest.
The NBR has honoured 350 best taxpayers on the in the programme by handing over crests and certificates.
Finance minister has urged the taxmen to curb corruption and collect tax by motivating people.
"It's a shame for the country that only 0.7 million people pay tax out of 150 million people," he lamented.
"People want to pay tax. We have to ensure a tax-payer friendly environment," Muhith said citing example of on-going new taxpayer survey.
A number of people have showed their interest to come into tax net when the taxmen resume the survey, he said.
"Its' true that there is tendency of tax evasion in every country, but in our country it is acute," he said.
Mashiur Rahman said: "The revenue board will get more response from the income taxpayers if it could simplify collection procedures and income tax law."
The government has been getting higher response in income tax collection gradually, he said adding that currently, income tax contributes 20 per cent to total revenue while import duty 22 per cent.
NBR chairman Nasiruddin said: "The revenue board has taken a number of steps to expand tax-base because there is no alternative to enhance internal revenue."
The government has also moved to digitalise the revenue board to boost tax collection by improving internal system, he said.
A total of 350 top taxpayers across the country received NBR award at the programme under two categories -- highest and long-term payment of tax.
The government eyes an annual earning of Tk 200 billion from income tax over the next five years by motivating taxpayers and ensuring friendly environment in the tax administration, Finance minister AMA Muhith said Tuesday.
Income tax collection target has been set Tk 165.60 billion for the current fiscal, which is 27 per cent of the total revenue target for the year.
"We have to concentrate on income tax collection so that the country could earn its required revenue from direct tax," the finance minister said in a ceremony arranged in the city on the occasion of National Income Tax Day-2009.
The National Board of Revenue (NBR) organised the programme at the Bangabandhu International Conference centre, chaired by revenue board Chief Dr. Nasiruddin Ahmed. Finance minister attended the programme as chief guest while economic affairs adviser to the Prime Minister Dr. Mashiur Rahman was special guest.
The NBR has honoured 350 best taxpayers on the in the programme by handing over crests and certificates.
Finance minister has urged the taxmen to curb corruption and collect tax by motivating people.
"It's a shame for the country that only 0.7 million people pay tax out of 150 million people," he lamented.
"People want to pay tax. We have to ensure a tax-payer friendly environment," Muhith said citing example of on-going new taxpayer survey.
A number of people have showed their interest to come into tax net when the taxmen resume the survey, he said.
"Its' true that there is tendency of tax evasion in every country, but in our country it is acute," he said.
Mashiur Rahman said: "The revenue board will get more response from the income taxpayers if it could simplify collection procedures and income tax law."
The government has been getting higher response in income tax collection gradually, he said adding that currently, income tax contributes 20 per cent to total revenue while import duty 22 per cent.
NBR chairman Nasiruddin said: "The revenue board has taken a number of steps to expand tax-base because there is no alternative to enhance internal revenue."
The government has also moved to digitalise the revenue board to boost tax collection by improving internal system, he said.
A total of 350 top taxpayers across the country received NBR award at the programme under two categories -- highest and long-term payment of tax.