Economic Reporter :
The National Board of Revenue (NBR) has decided to strengthen its monitoring process on the business organisations, which are paying comparatively lower amount of tax.
“We’ve information that many business organisations are paying lower tax,” a senior NBR official told NN.
He said if the revenue collection-tax and VAT-from these business houses can be boosted, it will help the revenue collecting authority to fetch a significant amount of revenue to touch its target for the current fiscal year.
“To achieve the huge revenue target, the NBR has no other option but to increase its revenue collection from the existing pockets alongside widening its VAT and tax net,” the official said.
The NBR chairman, he said, also directed its officials to strengthen their monitoring on product and service sectors.
According to him, strengthening the monitoring process will not be a tough job for them as the NBR has the data of the business houses which are paying lower amount of tax.
The NBR has got a gigantic target of Tk 176,370 crore revenue collections for the 2015-16 fiscal against last year’s Tk 135,028 crore.
This year, the target was set to collect Tk 64,971 crore from income tax, while Tk 64,262 crore from VAT and Tk 18,752 from import duty. The target for export duty has been fixed at Tk 37crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875.
The NBR has already decided to prepare the lists of sectors and business entities to widen the Value Added Tax (VAT).
Besides, it has made mandatory the use of ECR or POS for all kind of shops to strictly monitor the revenue earnings.
In July 2008, the NBR issued an order making the installation of the ECR mandatory by 11 categories of service providers to check VAT evasion.
The National Board of Revenue (NBR) has decided to strengthen its monitoring process on the business organisations, which are paying comparatively lower amount of tax.
“We’ve information that many business organisations are paying lower tax,” a senior NBR official told NN.
He said if the revenue collection-tax and VAT-from these business houses can be boosted, it will help the revenue collecting authority to fetch a significant amount of revenue to touch its target for the current fiscal year.
“To achieve the huge revenue target, the NBR has no other option but to increase its revenue collection from the existing pockets alongside widening its VAT and tax net,” the official said.
The NBR chairman, he said, also directed its officials to strengthen their monitoring on product and service sectors.
According to him, strengthening the monitoring process will not be a tough job for them as the NBR has the data of the business houses which are paying lower amount of tax.
The NBR has got a gigantic target of Tk 176,370 crore revenue collections for the 2015-16 fiscal against last year’s Tk 135,028 crore.
This year, the target was set to collect Tk 64,971 crore from income tax, while Tk 64,262 crore from VAT and Tk 18,752 from import duty. The target for export duty has been fixed at Tk 37crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875.
The NBR has already decided to prepare the lists of sectors and business entities to widen the Value Added Tax (VAT).
Besides, it has made mandatory the use of ECR or POS for all kind of shops to strictly monitor the revenue earnings.
In July 2008, the NBR issued an order making the installation of the ECR mandatory by 11 categories of service providers to check VAT evasion.
