Q1 budget review witnesses increased revenue earning from tax dodgers
Friday, 5 October 2007
Shakhawat Hossain
The government has held a first quarter review on the current budget that saw influx of revenue through a drive against tax dodgers and formation of a macroeconomic unit and separation of tax policy unit from the National Board of Revenue (NBR).
The review meeting held by the finance ministry recently also found little progress made in some priority areas, including the issue of bringing back smuggled out money into the country, official sources said.
The issues were among 20 top budget pledges.
The review meeting stressed the need for coordinated efforts and further review of the actions taken by the caretaker government to bring back of the siphoned-off money allegedly by the dishonest politicians and businessmen, the sources added.
In the budget for the current fiscal, the CG has pledged to adopt a Tk 1.0 billion fund for the Information Technology (IT), establishment of independent prosecution service, provision of diesel subsidy, construction of Padma Bridge and raising of power generation capacity.
These issues were highlighted by Finance and Planning Adviser Mirza Azizul Islam in his budget speech for the current fiscal.
The review meeting on the budget pledges said a macroeconomic unit has already been formed against the backdrop of a rising trend of borrowing by the government in last few years.
The unit will help the finance ministry keep the government borrowing from public and private sources within tolerable level.
The meeting was told that the country's tax policy unit will be transferred to the finance ministry from the NBR.
The International Monetary Fund (IMF) has long been suggesting to the government to separate the tax policy unit from the NBR to increase revenue generation.
The revenue generation growth in the first quarter (Q1) of the current fiscal was recorded at around 15 per cent. The revenue board could not achieve double-digit growth in Q1 of any fiscal year during last one decade. The revenue growth usually remained between 7.0 and 8.0 per cent.
Of Tk 1.0 billion fund for IT, the meeting was told, only Tk 200 million was disbursed. The meeting stressed the need for adoption of a complete policy on vocational education.
The review meeting has also instructed the concerned authorities to prepare a progress report on the construction of Padma bridge project, which was approved by the CG a couple of month ago.
The Ministry of Communications (MoC) is ready to start land acquisition on side of the river Padma. A detailed design of the mega-bridge project by the Asian Development Bank (ADP), a major fancier, is yet to start.
On the CG pledge for increasing electricity generation, the meeting has instructed the concerned authorities to submit a policy paper detailing the programmes taken during the last six months.
The government has held a first quarter review on the current budget that saw influx of revenue through a drive against tax dodgers and formation of a macroeconomic unit and separation of tax policy unit from the National Board of Revenue (NBR).
The review meeting held by the finance ministry recently also found little progress made in some priority areas, including the issue of bringing back smuggled out money into the country, official sources said.
The issues were among 20 top budget pledges.
The review meeting stressed the need for coordinated efforts and further review of the actions taken by the caretaker government to bring back of the siphoned-off money allegedly by the dishonest politicians and businessmen, the sources added.
In the budget for the current fiscal, the CG has pledged to adopt a Tk 1.0 billion fund for the Information Technology (IT), establishment of independent prosecution service, provision of diesel subsidy, construction of Padma Bridge and raising of power generation capacity.
These issues were highlighted by Finance and Planning Adviser Mirza Azizul Islam in his budget speech for the current fiscal.
The review meeting on the budget pledges said a macroeconomic unit has already been formed against the backdrop of a rising trend of borrowing by the government in last few years.
The unit will help the finance ministry keep the government borrowing from public and private sources within tolerable level.
The meeting was told that the country's tax policy unit will be transferred to the finance ministry from the NBR.
The International Monetary Fund (IMF) has long been suggesting to the government to separate the tax policy unit from the NBR to increase revenue generation.
The revenue generation growth in the first quarter (Q1) of the current fiscal was recorded at around 15 per cent. The revenue board could not achieve double-digit growth in Q1 of any fiscal year during last one decade. The revenue growth usually remained between 7.0 and 8.0 per cent.
Of Tk 1.0 billion fund for IT, the meeting was told, only Tk 200 million was disbursed. The meeting stressed the need for adoption of a complete policy on vocational education.
The review meeting has also instructed the concerned authorities to prepare a progress report on the construction of Padma bridge project, which was approved by the CG a couple of month ago.
The Ministry of Communications (MoC) is ready to start land acquisition on side of the river Padma. A detailed design of the mega-bridge project by the Asian Development Bank (ADP), a major fancier, is yet to start.
On the CG pledge for increasing electricity generation, the meeting has instructed the concerned authorities to submit a policy paper detailing the programmes taken during the last six months.