NBR to introduce 10 awards for income tax payers
Friday, 21 March 2008
FE Report
The National Board of Revenue (NBR) will introduce, for the first time, awards for 10 'highest and longtime' individual income tax payers from each district of the country to boost collection of revenue from this segment, officials said.
They said the NBR has already drafted the 'District-based Highest and Longtime Income Tax Payers Award Policy-2008'.
"We have already given our approval to the draft policy and placed it for approval before the authority concerned of the government," said an NBR official.
Of the 10 awardees, he said, five will be given the highest taxpayers award while the others will be selected for long time taxpayers' award.
"We are hopeful that the authority concerned will approve the draft policy soon as it has been prepared inline with the instructions of top policy makers aiming to inspire tax payers," an income official said.
Sources said the NBR expects to launch the award from the next fiscal based on performance of the income tax payers in the current fiscal to inspire all to pay tax and make it easier for the board to achieve revenue target.
The NBR in January last raised its fiscal 2007-08 tax collection target, for the first time in its history, as it hopes the caretaker government's current drive against tax evasion will result in higher revenue growth.
It has projected Tk 441.41 billion as revenue earning for 2007-08, which is up by Tk 2.91 billion from the original target set in the current budget.
Under the revised target, it has projected Tk 111.87 billion revenue as income tax, Tk 148.64 billion as VAT (value added tax) and Tk 180.90 as customs duty against original targets of Tk 108.38 billion, Tk 148.00 billion and Tk 178.12 billion respectively for this fiscal.
"We will nominate five persons for award in the category of highest income tax payers if they were found regular tax payers in the past three assessment years," revenue officials said quoting the draft policy.
On the other hand, they said those will nominate for award in the category of longtime taxpayers should be regular tax payers in the past 15 years.
When asked, sources said, each selected individual for the awards will be given ID card, certificate with crest.
The award winning tax payers will be invited at state functions, the sources said adding they (tax payers) and their family members will get preference in medical treatment in government hospitals.
The National Board of Revenue (NBR) will introduce, for the first time, awards for 10 'highest and longtime' individual income tax payers from each district of the country to boost collection of revenue from this segment, officials said.
They said the NBR has already drafted the 'District-based Highest and Longtime Income Tax Payers Award Policy-2008'.
"We have already given our approval to the draft policy and placed it for approval before the authority concerned of the government," said an NBR official.
Of the 10 awardees, he said, five will be given the highest taxpayers award while the others will be selected for long time taxpayers' award.
"We are hopeful that the authority concerned will approve the draft policy soon as it has been prepared inline with the instructions of top policy makers aiming to inspire tax payers," an income official said.
Sources said the NBR expects to launch the award from the next fiscal based on performance of the income tax payers in the current fiscal to inspire all to pay tax and make it easier for the board to achieve revenue target.
The NBR in January last raised its fiscal 2007-08 tax collection target, for the first time in its history, as it hopes the caretaker government's current drive against tax evasion will result in higher revenue growth.
It has projected Tk 441.41 billion as revenue earning for 2007-08, which is up by Tk 2.91 billion from the original target set in the current budget.
Under the revised target, it has projected Tk 111.87 billion revenue as income tax, Tk 148.64 billion as VAT (value added tax) and Tk 180.90 as customs duty against original targets of Tk 108.38 billion, Tk 148.00 billion and Tk 178.12 billion respectively for this fiscal.
"We will nominate five persons for award in the category of highest income tax payers if they were found regular tax payers in the past three assessment years," revenue officials said quoting the draft policy.
On the other hand, they said those will nominate for award in the category of longtime taxpayers should be regular tax payers in the past 15 years.
When asked, sources said, each selected individual for the awards will be given ID card, certificate with crest.
The award winning tax payers will be invited at state functions, the sources said adding they (tax payers) and their family members will get preference in medical treatment in government hospitals.