UNB, Dhaka :
The National Board of Revenue (NBR) has decided to take effective steps for quick disposal of the audit objections and the cases in this regard.
According to the NBR sources, audit objections of the last seven years involving several thousand crores of Taka have been lying pending. Of the total, the amount of unrealized revenue from the Large Taxpayers Unit (LTU) is around Tk 6,000 crore.
Sources said that NBR chairman Ghulam Hossain has been putting emphasis on the realization of this huge amount of money through quick disposal of the cases.
The NBR chairman also asked the officials to settle the audit objections as soon as possible and realize the money quickly.
Recently, the NBR chief held a meeting with the commissioners of all tax zones.
He advised the tax officials to keep close contact with the office of the Attorney General.
Besides, NBR chairman Ghulam Hossain also asked the tax officials to bring some of the pending cases under the Alternative Dispute Resolution (ADR) Cell of the NBR.
NBR officials said the large taxpayers of the country submit their income statement and the respective tax officials fix the payable tax for them.
They said that it was often seen in the statement that these companies tried to evade tax by not showing the actual income for their companies.
The field offices, after scrutinizing and auditing the files, send those to the NBR to get approval for filing case to realize the actual tax payable.
When the NBR file any case, the companies immediately file writ in the court against the move of the NBR. And then year after year passes with the national exchequer having no revenue as the case takes so long to be disposed of.
In this way, huge amount of unrealized revenue is piling up for years with the cases remaining pending in the court for disposal.
The NBR chairman has directed the tax officials to dispose all cases relating to audit objections by this ongoing fiscal (2014-15).
“We are now under a little bit of pressure to realize the money as the target for this year is comparatively high,” said an NBR official, who was present in the meeting with the chairman.
He also said that the NBR would not leave any stone unturned to reach the target this fiscal as it failed to achieve the target in the last fiscal. The NBR’s revenue collection target for this year is Tk 149,720 crore.
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 149,720 crore, an increase of Tk 24,720 crore over the last fiscal.
In terms of composition of revenue, income tax will be the major source for the current fiscal with the target set at Tk 57,500 crore.
On the other hand, the revenue collecting body has failed to achieve its revised target for the last fiscal (2013-14), the second time in succession.
The NBR ended the last fiscal year with Tk 4,487 crore less collection. Its target for 2013-14 fiscal was Tk 136,000 crore. Later, upon a request by the NBR, the Finance Minister reduced the target to Tk 125,000 crore.
The National Board of Revenue (NBR) has decided to take effective steps for quick disposal of the audit objections and the cases in this regard.
According to the NBR sources, audit objections of the last seven years involving several thousand crores of Taka have been lying pending. Of the total, the amount of unrealized revenue from the Large Taxpayers Unit (LTU) is around Tk 6,000 crore.
Sources said that NBR chairman Ghulam Hossain has been putting emphasis on the realization of this huge amount of money through quick disposal of the cases.
The NBR chairman also asked the officials to settle the audit objections as soon as possible and realize the money quickly.
Recently, the NBR chief held a meeting with the commissioners of all tax zones.
He advised the tax officials to keep close contact with the office of the Attorney General.
Besides, NBR chairman Ghulam Hossain also asked the tax officials to bring some of the pending cases under the Alternative Dispute Resolution (ADR) Cell of the NBR.
NBR officials said the large taxpayers of the country submit their income statement and the respective tax officials fix the payable tax for them.
They said that it was often seen in the statement that these companies tried to evade tax by not showing the actual income for their companies.
The field offices, after scrutinizing and auditing the files, send those to the NBR to get approval for filing case to realize the actual tax payable.
When the NBR file any case, the companies immediately file writ in the court against the move of the NBR. And then year after year passes with the national exchequer having no revenue as the case takes so long to be disposed of.
In this way, huge amount of unrealized revenue is piling up for years with the cases remaining pending in the court for disposal.
The NBR chairman has directed the tax officials to dispose all cases relating to audit objections by this ongoing fiscal (2014-15).
“We are now under a little bit of pressure to realize the money as the target for this year is comparatively high,” said an NBR official, who was present in the meeting with the chairman.
He also said that the NBR would not leave any stone unturned to reach the target this fiscal as it failed to achieve the target in the last fiscal. The NBR’s revenue collection target for this year is Tk 149,720 crore.
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 149,720 crore, an increase of Tk 24,720 crore over the last fiscal.
In terms of composition of revenue, income tax will be the major source for the current fiscal with the target set at Tk 57,500 crore.
On the other hand, the revenue collecting body has failed to achieve its revised target for the last fiscal (2013-14), the second time in succession.
The NBR ended the last fiscal year with Tk 4,487 crore less collection. Its target for 2013-14 fiscal was Tk 136,000 crore. Later, upon a request by the NBR, the Finance Minister reduced the target to Tk 125,000 crore.
