UNB, Dhaka :
As the general sentiment is in favour of higher tax for the ‘super rich’, the National Board of Revenue (NBR) has taken a move to collect additional Tk 500 crore in tax from those who earn over Tk 44.20 lakh a year.
“This super rich section has to pay more as per the current year’s budget…the NBR has taken a special plan to fetch additional Tk 500 crore from them,” an NBR commissioner told UNB.
According to the 2014-15 fiscal budget, a new slab has been set for the individual taxpayers having annual income of more than Tk 44.20 lakh, aiming to raise revenue through a more egalitarian tax regime. Thirty percent tax on the income of this high income-earners’ slab has been imposed.
In his budget speech, the Finance Minister said the proposal for increasing tax on high-income people was made to ensure equitable distribution of income and reduce economic disparity.
The budget also made income of Tk 220,000 as tax-free one while 10 percent tax for the next Tk three lakh, 15 percent for the next Tk four lakh, 20 percent for the next Tk five lakh and 25 percent for the people whose yearly income is Tk 30 lakh and above.
The NBR official said the Board has sent an instruction to its all field offices to increase their supervision on this section of income taxpayers apart of their other day-to-day activities.
According to NBR information, there are about 750 individual taxpayers under the large taxpayers unit (LTU), who are involved in different companies, banks and financial institutions as directors or high officials.
Apart from this section of people, according to the NBR, there are around 5,000 people in the country who are millionaires. “A list of this type of individual taxpayers has been sent to the NBR and the Board is examining their files,” the Commissioner said preferring not to be named.
He said the number of people in the group would be much higher as many hide their real incomes.
According to him, the NBR field -level offices have already increased their supervision on taxpayers so that they cannot evade their taxes. Besides, he said, the tax authority is taking various steps to identify more rich people.
The government has reduced corporate tax this fiscal year and is trying to collect more revenue from other existing pockets.
On the other hand, new NBR chairman Md Nojibur Rahman while holding his maiden meeting with the NBR officials stressed working out a new plan to achieve the huge revenue collection target.
The budget for the current fiscal set an overall revenue collection target of TK 1,82,954 crore. Of the target, the share of the National Board of Revenue (NBR) is estimated at TK 1,49,720 crore, up Tk 24,720 crore than the last fiscal’s.
This year, the number of income tax return was 10,26,913 out of 1.8 million TIN holders till the last date. The amount of revenue collection from the 10,26,913 taxpayers was Tk 1,300 crore. The amount was Tk1,600 crore in the previous fiscal from 8,30,000 income tax return files.
As the general sentiment is in favour of higher tax for the ‘super rich’, the National Board of Revenue (NBR) has taken a move to collect additional Tk 500 crore in tax from those who earn over Tk 44.20 lakh a year.
“This super rich section has to pay more as per the current year’s budget…the NBR has taken a special plan to fetch additional Tk 500 crore from them,” an NBR commissioner told UNB.
According to the 2014-15 fiscal budget, a new slab has been set for the individual taxpayers having annual income of more than Tk 44.20 lakh, aiming to raise revenue through a more egalitarian tax regime. Thirty percent tax on the income of this high income-earners’ slab has been imposed.
In his budget speech, the Finance Minister said the proposal for increasing tax on high-income people was made to ensure equitable distribution of income and reduce economic disparity.
The budget also made income of Tk 220,000 as tax-free one while 10 percent tax for the next Tk three lakh, 15 percent for the next Tk four lakh, 20 percent for the next Tk five lakh and 25 percent for the people whose yearly income is Tk 30 lakh and above.
The NBR official said the Board has sent an instruction to its all field offices to increase their supervision on this section of income taxpayers apart of their other day-to-day activities.
According to NBR information, there are about 750 individual taxpayers under the large taxpayers unit (LTU), who are involved in different companies, banks and financial institutions as directors or high officials.
Apart from this section of people, according to the NBR, there are around 5,000 people in the country who are millionaires. “A list of this type of individual taxpayers has been sent to the NBR and the Board is examining their files,” the Commissioner said preferring not to be named.
He said the number of people in the group would be much higher as many hide their real incomes.
According to him, the NBR field -level offices have already increased their supervision on taxpayers so that they cannot evade their taxes. Besides, he said, the tax authority is taking various steps to identify more rich people.
The government has reduced corporate tax this fiscal year and is trying to collect more revenue from other existing pockets.
On the other hand, new NBR chairman Md Nojibur Rahman while holding his maiden meeting with the NBR officials stressed working out a new plan to achieve the huge revenue collection target.
The budget for the current fiscal set an overall revenue collection target of TK 1,82,954 crore. Of the target, the share of the National Board of Revenue (NBR) is estimated at TK 1,49,720 crore, up Tk 24,720 crore than the last fiscal’s.
This year, the number of income tax return was 10,26,913 out of 1.8 million TIN holders till the last date. The amount of revenue collection from the 10,26,913 taxpayers was Tk 1,300 crore. The amount was Tk1,600 crore in the previous fiscal from 8,30,000 income tax return files.
