Kazi Zahidul Hasan :
The government plans to widen the tax net and introduce new levies on various sectors to mop up additional revenue required to meet its spending plans for the next fiscal, official sources said.
They said, the government will introduce new tax measures on various sector to bring them under fresh tax net, but no further tax will be slapped on the sectors which are already remaining in the net.
“The government is on course to broaden the tax net to mobilize more revenue to strike a balance between its earnings and expenditure,” a senior Finance Ministry official told The New Nation on Sunday on condition of anonymity.
He added that the Ministry of Finance (MoF) is going to take the move in line with the directive of the Prime Minister Sheikh Hasina.
Prime Minister Sheikh Hasina on Wednesday night held a meeting with the high government officials, who are working with the budget preparation, to know the Revenue Board’s plan to mobilize resource for the next fiscal.
“At the meeting, she asked them to give thrust on widening the tax net from the next budget to extract more revenue to meet her government’s development expenditure set for the next fiscal,” the MoF official said.
Earlier, the government approved Tk 97,000 crore development budget for the fiscal 2015-16, giving thrust to the transport and power sectors. The development expenditure is 29 per cent bigger than that of the revised budget of the outgoing fiscal (2014-15).
When asked, the MoF official said, “We are working along with senior taxmen to find out untapped areas for taxation so that the government’s revenue target set for the upcoming financial year is achieved”.
The MoF has fixed Tk 2,08,770 crore revenue earning target for the next fiscal, calculating around 28 per cent rise compared with the revised estimate of the outgoing fiscal.
“Proposals regarding the widening tax net will be tabled in the upcoming Budget Session begins on June 1,” he said, adding, “Proposals will also be placed to slash corporate tax rate, tax breaks in earnings of share business, tax hike on mobile set import and tobacco products”.
He mentioned that fresh tax is expected to slap on various financial benefits of the government employees and the tax on salary will remain same.
Regarding the property tax, he said, the Finance Minister may not propose for the much-talked about property tax this time facing opposition from the ruling party men.
Besides, budgetary proposals will be announced for duty-free import of earthquake rescue equipment and hybrid cars.
“The revenue collection target that the government set for the next fiscal is obviously achievable if the normal business activities are not hampered by political turmoil,” a senior National Board of Revenue (NBR) official told The New Nation on Sunday.
He added: a draft of new areas has already been prepared to bring them under taxing in the next fiscal so that the 28 per cent revenue growth target is achieved.
“The Revenue Board would concentrate more on boosting its earnings from income tax, customs duty and Value-Added Tax (VAT), with bringing new areas under the tax purview,” he said, adding, “We are also planning to hike the tax slabs for individuals, broaden the tax net and purview of the advance income tax.”
The government plans to widen the tax net and introduce new levies on various sectors to mop up additional revenue required to meet its spending plans for the next fiscal, official sources said.
They said, the government will introduce new tax measures on various sector to bring them under fresh tax net, but no further tax will be slapped on the sectors which are already remaining in the net.
“The government is on course to broaden the tax net to mobilize more revenue to strike a balance between its earnings and expenditure,” a senior Finance Ministry official told The New Nation on Sunday on condition of anonymity.
He added that the Ministry of Finance (MoF) is going to take the move in line with the directive of the Prime Minister Sheikh Hasina.
Prime Minister Sheikh Hasina on Wednesday night held a meeting with the high government officials, who are working with the budget preparation, to know the Revenue Board’s plan to mobilize resource for the next fiscal.
“At the meeting, she asked them to give thrust on widening the tax net from the next budget to extract more revenue to meet her government’s development expenditure set for the next fiscal,” the MoF official said.
Earlier, the government approved Tk 97,000 crore development budget for the fiscal 2015-16, giving thrust to the transport and power sectors. The development expenditure is 29 per cent bigger than that of the revised budget of the outgoing fiscal (2014-15).
When asked, the MoF official said, “We are working along with senior taxmen to find out untapped areas for taxation so that the government’s revenue target set for the upcoming financial year is achieved”.
The MoF has fixed Tk 2,08,770 crore revenue earning target for the next fiscal, calculating around 28 per cent rise compared with the revised estimate of the outgoing fiscal.
“Proposals regarding the widening tax net will be tabled in the upcoming Budget Session begins on June 1,” he said, adding, “Proposals will also be placed to slash corporate tax rate, tax breaks in earnings of share business, tax hike on mobile set import and tobacco products”.
He mentioned that fresh tax is expected to slap on various financial benefits of the government employees and the tax on salary will remain same.
Regarding the property tax, he said, the Finance Minister may not propose for the much-talked about property tax this time facing opposition from the ruling party men.
Besides, budgetary proposals will be announced for duty-free import of earthquake rescue equipment and hybrid cars.
“The revenue collection target that the government set for the next fiscal is obviously achievable if the normal business activities are not hampered by political turmoil,” a senior National Board of Revenue (NBR) official told The New Nation on Sunday.
He added: a draft of new areas has already been prepared to bring them under taxing in the next fiscal so that the 28 per cent revenue growth target is achieved.
“The Revenue Board would concentrate more on boosting its earnings from income tax, customs duty and Value-Added Tax (VAT), with bringing new areas under the tax purview,” he said, adding, “We are also planning to hike the tax slabs for individuals, broaden the tax net and purview of the advance income tax.”
