NBR finalises tax collection target at Tk 1.49t for FY \\\'15

The revenue board has finalised aggregate tax collection target for upcoming fiscal year, estimating some 22 per cent growth over the current year eyeing a surge in direct tax collection.
Of its aggregate target of Tk 1.49 trillion, the National Board of Revenue (NBR) has set the highest target at Tk 575 billion for income tax wing and Tk 565 billion for Value Added Tax (VAT) department, sources said.
The import revenue collection target has been set at Tk 357 billion for fiscal year 2014-15.
The NBR would focus on increasing income tax collection rather than collection of taxes from other two wings. Usually, VAT collection target remains the highest among other departments.
From 2014-15, the government will focus on income tax collection net by widening areas.
VAT collection target has been set estimating 21 per cent growth over the current one.  
Sources said the VAT net will be widened by scrapping some reduced rates enjoyed by the industries.
The government might reduce some of the package VAT facilities and focus on areas having large volume of transactions.
Cigarettes, cell phone companies and gas sector are contributing major part of the VAT.
Sources said the fiscal policies for cell phone sector might be revised in the budget.
To check revenue loss from SIM replacement, the NBR might introduce a new rule by specifying 'every time for each' so that it could trace replaced SIM.
Currently, some Tk 30 billion disputed amount remains stuck up in court cases related to SIM replacement.
For customs wing, the NBR set the lowest target as it would phase out from supplementary duty (SD) for some 12,000 products.
As per the World Trade Organisation (WTO), the government will have to cut import taxes gradually to facilitate globalisation of trade.
Income tax collection would focus on progressive taxation and net the well-off section of people having taxable income. Tax measures would be strengthened on household owners. The NBR may introduce bank transaction of house rents to make it transparent.    
The aggregate revenue collection target for the current year is Tk 1.25 trillion, revised downward from Tk 1.36 trillion. All of the three wings saw cut in their respective target due to a large amount of shortfall of Tk 80 billion in the first three quarters of the current year.