Ministry asks NBR to raise revenue target by Tk 20b
Friday, 10 October 2008
Shakhawat Hossain
The finance ministry has suggested the revenue board to scale up its annual revenue target by some Tk 20 billion following its better performance in the first quarter, officials said Thursday.
"We have been advised by the finance ministry to raise the revenue target," said National Board of Revenue (NBR) chairman Muhammad Abdul Mazid.
Finance ministry wants the NBR to make upward revision of the target as the revenue collection made almost 19 per cent growth in the first quarter.
The annual revenue target was set at Tk 545.00 billion for the fiscal.
"The growth is two per cent higher over the target set for the quarter," he said, adding that the revenue growth would increase further in the coming months.
The NBR chairman, however, said the board is yet to take any decision on the upward revision of revenue target at some Tk 565.00 billion.
Sources said the revenue board officials are unhappy about the finance ministry refusal to provide incentive to the taxmen despite higher revenue generation of some Tk 14.00 billion in the last fiscal year.
The finance adviser had approved three incentive bonuses to the revenue board officials due to their good performance last month.
The incentives were finally withdrawn due to resistance of the finance ministry officials, they said.
Finance ministry officials, however, said there should be no relation between incentives and upward revision in the revenue target.
"The revenue target should be scaled up for its higher growth. The issue is related with budget and budgetary discipline," said a senior finance ministry official.
Another official said timely revision of revenue target will help the finance ministry in budget management, he said.
Until September, the Custom wing recorded 29.30 per cent growth over the same period of the last fiscal, according to the provisional estimate prepared October 7.
The finance ministry has suggested the revenue board to scale up its annual revenue target by some Tk 20 billion following its better performance in the first quarter, officials said Thursday.
"We have been advised by the finance ministry to raise the revenue target," said National Board of Revenue (NBR) chairman Muhammad Abdul Mazid.
Finance ministry wants the NBR to make upward revision of the target as the revenue collection made almost 19 per cent growth in the first quarter.
The annual revenue target was set at Tk 545.00 billion for the fiscal.
"The growth is two per cent higher over the target set for the quarter," he said, adding that the revenue growth would increase further in the coming months.
The NBR chairman, however, said the board is yet to take any decision on the upward revision of revenue target at some Tk 565.00 billion.
Sources said the revenue board officials are unhappy about the finance ministry refusal to provide incentive to the taxmen despite higher revenue generation of some Tk 14.00 billion in the last fiscal year.
The finance adviser had approved three incentive bonuses to the revenue board officials due to their good performance last month.
The incentives were finally withdrawn due to resistance of the finance ministry officials, they said.
Finance ministry officials, however, said there should be no relation between incentives and upward revision in the revenue target.
"The revenue target should be scaled up for its higher growth. The issue is related with budget and budgetary discipline," said a senior finance ministry official.
Another official said timely revision of revenue target will help the finance ministry in budget management, he said.
Until September, the Custom wing recorded 29.30 per cent growth over the same period of the last fiscal, according to the provisional estimate prepared October 7.