NBR hopeful of reaching target of current fiscal
Thursday, 4 February 2010
FE Report
The National Board of Revenue (NBR) Wednesday said the board will be able to achieve the revenue collection target of Tk 610 billion in the current fiscal.
"We have assured the finance minister that the NBR will achieve the tax collection target," said NBR chairman Dr. Nasir Uddin Ahmed.
The government is not required to revise the revenue collection target as domestic tax collection posted an impressive growth in the first half of fiscal 2009-2010, he said.
In the second quarter (October-December), domestic tax collection posted a 36 per cent growth compared to the corresponding period last year, he said.
The NBR chief unveiled the revenue collection data on the first six months of the current fiscal.
The government last year revised the revenue collection target to Tk 530 billion against the original target of Tk 545 billion.
Economic behaviour of the country is integrated with revenue collection, which is showing a positive sign, the NBR chief said.
The rising trend in import, implementation of the Annual Development Plan (ADP), construction of the Padma Bridge will boost tax collection at the end of the current fiscal, he said.
The board has already collected 47 per cent of its annual target despite the sluggish growth in import revenue collection in the first quarter of the current fiscal, he said.
NBR has registered an 18 per cent growth in the July-December period of the current fiscal compared to that of the corresponding period, he said at a press briefing at the NBR conference room in the city.
The revenue board has surpassed its target by 101.24 per cent collecting Tk 264.37 billion against its target Tk 261.13 billion.
"Domestic tax collection has contributed to the impressive growth of the collection. Domestic VAT collection has achieved 26.31 per cent growth over the same period last year," he said.
Income tax collection posted 23 per cent growth, while import-stage tax 9.44 per cent growth over the corresponding period last year.
The NBR chairman stressed the need for gearing up move to enhance collection of travel tax which has marked a negative growth in the first half of the fiscal.
"We will start work on the budget from February 11 with a public event, where the revenue board will unveil the reform plan of VAT and customs laws," he said.
The board has outsourced the survey activities to net an additional 0.4 million taxpayers by this fiscal, Dr. Nasir Uddin Ahmed said.
The move to find new taxpayers has faced a blow due to acute manpower shortage at the tax department, he added.
Until January, the revenue board has located 42,522 new taxpayers out of 67,519 surveyed people.
"The board has recruited 110 university students for three months with funds from DFID. Of them, 100 students will collect the taxpayers' data, while the rest 10 will be involved as data processors," said Shambhu Nath, who heads the income tax survey and inspection job of the department.
The team will start working from February 21 in four zones in Dhaka---Tongi, Gazipur, Savar and Keraniganj, he said.
NBR will impart short-course training to them at its academy, he added.
Dwelling on the filing of tax evasion cases against politicians, the NBR income tax policy head Aminur Rahman said: "NBR never filed any tax evasion cases on 'political consideration'."
The NBR chairman underscored the need for strengthening the Central Intelligence Cell (CIC) by recruiting more intelligence officials and imparting training.
The National Board of Revenue (NBR) Wednesday said the board will be able to achieve the revenue collection target of Tk 610 billion in the current fiscal.
"We have assured the finance minister that the NBR will achieve the tax collection target," said NBR chairman Dr. Nasir Uddin Ahmed.
The government is not required to revise the revenue collection target as domestic tax collection posted an impressive growth in the first half of fiscal 2009-2010, he said.
In the second quarter (October-December), domestic tax collection posted a 36 per cent growth compared to the corresponding period last year, he said.
The NBR chief unveiled the revenue collection data on the first six months of the current fiscal.
The government last year revised the revenue collection target to Tk 530 billion against the original target of Tk 545 billion.
Economic behaviour of the country is integrated with revenue collection, which is showing a positive sign, the NBR chief said.
The rising trend in import, implementation of the Annual Development Plan (ADP), construction of the Padma Bridge will boost tax collection at the end of the current fiscal, he said.
The board has already collected 47 per cent of its annual target despite the sluggish growth in import revenue collection in the first quarter of the current fiscal, he said.
NBR has registered an 18 per cent growth in the July-December period of the current fiscal compared to that of the corresponding period, he said at a press briefing at the NBR conference room in the city.
The revenue board has surpassed its target by 101.24 per cent collecting Tk 264.37 billion against its target Tk 261.13 billion.
"Domestic tax collection has contributed to the impressive growth of the collection. Domestic VAT collection has achieved 26.31 per cent growth over the same period last year," he said.
Income tax collection posted 23 per cent growth, while import-stage tax 9.44 per cent growth over the corresponding period last year.
The NBR chairman stressed the need for gearing up move to enhance collection of travel tax which has marked a negative growth in the first half of the fiscal.
"We will start work on the budget from February 11 with a public event, where the revenue board will unveil the reform plan of VAT and customs laws," he said.
The board has outsourced the survey activities to net an additional 0.4 million taxpayers by this fiscal, Dr. Nasir Uddin Ahmed said.
The move to find new taxpayers has faced a blow due to acute manpower shortage at the tax department, he added.
Until January, the revenue board has located 42,522 new taxpayers out of 67,519 surveyed people.
"The board has recruited 110 university students for three months with funds from DFID. Of them, 100 students will collect the taxpayers' data, while the rest 10 will be involved as data processors," said Shambhu Nath, who heads the income tax survey and inspection job of the department.
The team will start working from February 21 in four zones in Dhaka---Tongi, Gazipur, Savar and Keraniganj, he said.
NBR will impart short-course training to them at its academy, he added.
Dwelling on the filing of tax evasion cases against politicians, the NBR income tax policy head Aminur Rahman said: "NBR never filed any tax evasion cases on 'political consideration'."
The NBR chairman underscored the need for strengthening the Central Intelligence Cell (CIC) by recruiting more intelligence officials and imparting training.