UNB, Dhaka :
The National Board of Revenue (NBR) appears to formulate a duty write-off policy, aiming to get rid of the burden of uncollectable duties from various public and private organisations.
“The NBR has taken the plan as the amount of the uncollectable duties is accumulating day by day with the extinction of many public and private organisations, leaving behind their duties unpaid,” an NBR official told UNB.
He said the Board could not collect the duties from various public and private organisations due to some unavoidable circumstances, including their closure.
As per the Customs Act, he said, the NBR has the power to write off government duties, but it cannot do that due to the absence of any rule in this regard. “So, the Board is going to formulate the policy to be titled as ‘Rules of writing off government payment at import level 2015’.
The NBR has already prepared the draft of the policy and it would be sent to the Finance Ministry for its final approval. “There’ll be a proposal in this regard in the budget for 2015-16,” he said.
The Finance Minister is likely to place the new budget in parliament on June 4.
As per the draft policy, the Customs Commissioner concerned will be able to apply for writing off of un-collectable duties, informing the NBR about the steps his or her office had taken to collect it. The details of the non-collectable duties will also have to be sent to the NBR.
After assessing the detailed information, the NBR will then place it in its Board meeting. If the majority of the board members agree on the write-off decision then it will be sent to the Finance Ministry for its approval. If the approval is available, an order will be issued in this regard.
If the policy could be implemented, the NBR official said, then it would help them cut a good amount of money from their account, which caused an extra burden on them each year when the calculation of collection comes at the end of each fiscal year.
The budget for the current fiscal set an overall revenue collection target of Tk1,82,954 crore.
Of the target, the NBR share is estimated at Tk1,49,720 crore, up Tk24,720 crore than the last fiscal’s. The NBR aims to collect a record Tk 57,500 crore via direct taxes in fiscal 2014-15, up 34 percent from Tk 42,915 crore collected a year ago.
The National Board of Revenue (NBR) appears to formulate a duty write-off policy, aiming to get rid of the burden of uncollectable duties from various public and private organisations.
“The NBR has taken the plan as the amount of the uncollectable duties is accumulating day by day with the extinction of many public and private organisations, leaving behind their duties unpaid,” an NBR official told UNB.
He said the Board could not collect the duties from various public and private organisations due to some unavoidable circumstances, including their closure.
As per the Customs Act, he said, the NBR has the power to write off government duties, but it cannot do that due to the absence of any rule in this regard. “So, the Board is going to formulate the policy to be titled as ‘Rules of writing off government payment at import level 2015’.
The NBR has already prepared the draft of the policy and it would be sent to the Finance Ministry for its final approval. “There’ll be a proposal in this regard in the budget for 2015-16,” he said.
The Finance Minister is likely to place the new budget in parliament on June 4.
As per the draft policy, the Customs Commissioner concerned will be able to apply for writing off of un-collectable duties, informing the NBR about the steps his or her office had taken to collect it. The details of the non-collectable duties will also have to be sent to the NBR.
After assessing the detailed information, the NBR will then place it in its Board meeting. If the majority of the board members agree on the write-off decision then it will be sent to the Finance Ministry for its approval. If the approval is available, an order will be issued in this regard.
If the policy could be implemented, the NBR official said, then it would help them cut a good amount of money from their account, which caused an extra burden on them each year when the calculation of collection comes at the end of each fiscal year.
The budget for the current fiscal set an overall revenue collection target of Tk1,82,954 crore.
Of the target, the NBR share is estimated at Tk1,49,720 crore, up Tk24,720 crore than the last fiscal’s. The NBR aims to collect a record Tk 57,500 crore via direct taxes in fiscal 2014-15, up 34 percent from Tk 42,915 crore collected a year ago.
