Income tax collection grows 29pc in four months
Tuesday, 16 November 2010
Doulot Akter Mala
Income tax collection grew nearly 29 per cent in the first four months of the current fiscal year over the same period in 2009-10, thanks to the impressive performance of import and higher economic activities.
The National Board of Revenue (NBR) received Tk 47.39 billion in income tax in July-October period against its target for Tk 43.19 billion. Last year, the NBR received Tk 37 billion income tax in the first four months.
"We have received Tk 4.20 billion more revenue over the target and achieved 28.34 per cent growth over the corresponding period. This has been possible because of the effective monitoring and drive against tax evasion," said Basir Uddin Ahmed, who heads the income tax administration and monitoring wing.
Taxmen have seen a radical change among the taxpayers in payment of income tax, the tax member said.
"Unwillingness and fear factor in payment of tax has been eliminated with the motivational campaign of the taxmen," he added.
Usually, income tax collection goes ups up in the second half of every fiscal, but this year the revenue board observed huge enthusiasm among the taxpayers from the beginning.
Revenue collection increased with implementation of the Annual Development Programme (ADP) and other development work.
Officials said a big chunk of money of income tax comes from advance income tax and at source, which is adjustable with the actual tax.
Taxmen said the budgetary measure in fiscal 2010-11 also helped the government collect more revenue.
In the current fiscal, the NBR has raised Advance Income Tax (AIT) by 2.0 per cent and raised most of the at source taxes aiming to increase the volume of direct tax.
The government has estimated income tax at Tk 210 billion or 29 per cent of the total revenue budget in the current year.
Income tax officials said the revenue collection target will be surpassed if such trend in revenue collection continues.
NBR has taken a number of initiatives to boost income tax collection. These include spot assessment, motivational campaigns and tax fairs to attract more taxpayers.
Income tax collection grew nearly 29 per cent in the first four months of the current fiscal year over the same period in 2009-10, thanks to the impressive performance of import and higher economic activities.
The National Board of Revenue (NBR) received Tk 47.39 billion in income tax in July-October period against its target for Tk 43.19 billion. Last year, the NBR received Tk 37 billion income tax in the first four months.
"We have received Tk 4.20 billion more revenue over the target and achieved 28.34 per cent growth over the corresponding period. This has been possible because of the effective monitoring and drive against tax evasion," said Basir Uddin Ahmed, who heads the income tax administration and monitoring wing.
Taxmen have seen a radical change among the taxpayers in payment of income tax, the tax member said.
"Unwillingness and fear factor in payment of tax has been eliminated with the motivational campaign of the taxmen," he added.
Usually, income tax collection goes ups up in the second half of every fiscal, but this year the revenue board observed huge enthusiasm among the taxpayers from the beginning.
Revenue collection increased with implementation of the Annual Development Programme (ADP) and other development work.
Officials said a big chunk of money of income tax comes from advance income tax and at source, which is adjustable with the actual tax.
Taxmen said the budgetary measure in fiscal 2010-11 also helped the government collect more revenue.
In the current fiscal, the NBR has raised Advance Income Tax (AIT) by 2.0 per cent and raised most of the at source taxes aiming to increase the volume of direct tax.
The government has estimated income tax at Tk 210 billion or 29 per cent of the total revenue budget in the current year.
Income tax officials said the revenue collection target will be surpassed if such trend in revenue collection continues.
NBR has taken a number of initiatives to boost income tax collection. These include spot assessment, motivational campaigns and tax fairs to attract more taxpayers.