UNB, Dhaka :
The revenue collection target for the 2019-20 fiscal has been set at Tk 3.97 lakh crore to reduce dependency on foreign aid and grants.
The National Board of Revenue (NBR) has been tasked with collecting Tk 3,41,700 crore while non-NBR sector will contribute Tk 17,000 crore and non-tax sector Tk 37,500 crore.
“The government will increase revenue collection with the expansion of income tax and VAT net to implement budget with own resources,” a senior NBR official said. The new revenue target is about Tk 1 lakh crore higher than the current fiscal.
Finance Ministry and NBR sources said that the government has been trying hard to reduce dependency on foreign aid and grants for the last couple of years.
The new VAT law will be implemented from July next with 5 percent, 7 percent and 10 percent slabs.
Sources hinted that the finance minister might announce slashing of income tax and corporate tax rate in the upcoming budget. Emphasis will be given on expanding the tax net to improve revenue collection.
The budget deficit has been targeted at five percent.
Finance Minister AHM Mustafa Kamal has said that the new budget will be announced on June 13 and that the new VAT law will be implemented as there is no other way to increase revenue collection.
He mentioned that the tax GDP ratio in the country is not more than 10 percent whereas it is more than 15 percent in any other country. Everyone has to pay VAT for the sake of improving revenue collection.
The revenue collection target for the 2019-20 fiscal has been set at Tk 3.97 lakh crore to reduce dependency on foreign aid and grants.
The National Board of Revenue (NBR) has been tasked with collecting Tk 3,41,700 crore while non-NBR sector will contribute Tk 17,000 crore and non-tax sector Tk 37,500 crore.
“The government will increase revenue collection with the expansion of income tax and VAT net to implement budget with own resources,” a senior NBR official said. The new revenue target is about Tk 1 lakh crore higher than the current fiscal.
Finance Ministry and NBR sources said that the government has been trying hard to reduce dependency on foreign aid and grants for the last couple of years.
The new VAT law will be implemented from July next with 5 percent, 7 percent and 10 percent slabs.
Sources hinted that the finance minister might announce slashing of income tax and corporate tax rate in the upcoming budget. Emphasis will be given on expanding the tax net to improve revenue collection.
The budget deficit has been targeted at five percent.
Finance Minister AHM Mustafa Kamal has said that the new budget will be announced on June 13 and that the new VAT law will be implemented as there is no other way to increase revenue collection.
He mentioned that the tax GDP ratio in the country is not more than 10 percent whereas it is more than 15 percent in any other country. Everyone has to pay VAT for the sake of improving revenue collection.
