Income tax collection up by 19.44pc
Tuesday, 30 March 2010
Doulot Akter Mala
Income tax collection has marked a significant rise in the current fiscal with 19.44 per cent growth in the first eight months compared to the corresponding period.
The income tax department has collected Tk 80.69 billion tax during July-February period against its target of Tk 78.06 billion.
Officials said the National Board of Revenue (NBR) has been able to maintain the upward trend of income tax collection through internal auditing despite expiry of deadline for submission of income tax returns by individuals and majority of corporate taxpayers.
A senior income tax official said the taxmen have been chasing the big taxpayers including salaried person and businessmen who evaded tax. "We are not concentrating much on the marginal taxpayers, rather the big tax-evaders are under our close scrutiny."
Besides, simultaneous internal and external surveys have contributed to the higher growth of income tax. Intelligence team of the NBR has also intensified drive to find out the big tax-evaders. In the current fiscal, the central intelligence cell (CIC) has realised Tk 300 million tax through detecting tax evasion, said the official.
The NBR is planning to arrange a road-show next month to make aware and educate leaders of different communities on income tax payment.
The government has set a target of Tk 165.60 billion income tax collection in the 2009-2010 fiscal expecting 17 per cent growth, but the department is maintaining 19 per cent growth.
"We will be able to surpass the income tax collection target for the current fiscal, as a big chunk of tax will come from advance income tax (AIT) in the last quarter," said another tax official.
AIT contributes nearly 50 per cent to the income tax collection, while the rest 50 per cent is collected from individual and corporate taxpayers.
Individual taxpayers still contribute a small part of the total income tax collection despite initiating different moves and surveys every year, he said.
Complex tax laws and harassment in the income tax offices are often blamed as the major reasons behind the poor tax GDP ratio in the country.
The government will bring some changes in the income tax law and introduce online tax payment system from the next fiscal to increase the number of taxpayers, the official added.
Income tax collection has marked a significant rise in the current fiscal with 19.44 per cent growth in the first eight months compared to the corresponding period.
The income tax department has collected Tk 80.69 billion tax during July-February period against its target of Tk 78.06 billion.
Officials said the National Board of Revenue (NBR) has been able to maintain the upward trend of income tax collection through internal auditing despite expiry of deadline for submission of income tax returns by individuals and majority of corporate taxpayers.
A senior income tax official said the taxmen have been chasing the big taxpayers including salaried person and businessmen who evaded tax. "We are not concentrating much on the marginal taxpayers, rather the big tax-evaders are under our close scrutiny."
Besides, simultaneous internal and external surveys have contributed to the higher growth of income tax. Intelligence team of the NBR has also intensified drive to find out the big tax-evaders. In the current fiscal, the central intelligence cell (CIC) has realised Tk 300 million tax through detecting tax evasion, said the official.
The NBR is planning to arrange a road-show next month to make aware and educate leaders of different communities on income tax payment.
The government has set a target of Tk 165.60 billion income tax collection in the 2009-2010 fiscal expecting 17 per cent growth, but the department is maintaining 19 per cent growth.
"We will be able to surpass the income tax collection target for the current fiscal, as a big chunk of tax will come from advance income tax (AIT) in the last quarter," said another tax official.
AIT contributes nearly 50 per cent to the income tax collection, while the rest 50 per cent is collected from individual and corporate taxpayers.
Individual taxpayers still contribute a small part of the total income tax collection despite initiating different moves and surveys every year, he said.
Complex tax laws and harassment in the income tax offices are often blamed as the major reasons behind the poor tax GDP ratio in the country.
The government will bring some changes in the income tax law and introduce online tax payment system from the next fiscal to increase the number of taxpayers, the official added.