Economic Reporter :
The National Board of Revenue (NBR) has prepared an integrated strategy paper with a focus on enhancing surveillance on large taxpayers to attain its huge revenue collection target for the on going fiscal year.
The revenue target for the current fiscal is Tk 2,03,212 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal year.
VAT will be the biggest contributor to revenue earnings with Tk 72,764 crore. Besides, Tk 71,940 crore will come from income tax and tax on profit, supplementary duty will contribute Tk 30,075 crore, excise duty Tk 4,449 crore, export duty Tk 44 crore and other taxes and duties Tk 1,428 crore.
In the strategy paper, the NBR asked the officials of its tax zones and circles to enhance their surveillance on the big taxpayers.
Sources at the NBR said the strategy paper also stated to take prompt steps for the quick disposal of revenue-related cases remained pending with various courts for years.
It directed the officials not to go for lodging cases at the initial stage of any disputed matter, rather opt to go for Alternative Dispute Resolution (ADR) to realise the revenue.
The NBR officials were also asked to prevent the evasion of import duty and VAT which is a big problem for any country.
The revenue collecting authority has given directives to its officials to strengthen the inspection system to deposit the VAT that was collected from consumers.
It also asked the VAT officials to strengthen monitoring for ensuring the use of Electronic Cash Register (ECR) and uninterrupted continuation of its use.
The NBR also put emphasis on the identification of the new taxpayers and bringing them under the tax net.
Besides, the tax officials were asked to upgrade its monitoring system for the collection of advance income tax, make effective the Large Taxpayers Unit (LTU). For the audit of any tax file, the NBR advised its officials to choose the potential files that will bring more revenue.
Talking to UNB, a senior official of the NBR said the Finance Minister himself said the revenue target for the 2016-17 fiscal is highly ambitious. But he also said the NBR has the workforce and capability to achieve the target.
“According to the directives of the Finance Minister, the NBR is taking its strategy for the current fiscal. We’re hopeful that if the strategy works well, it won’t be a problem for the revenue-collecting authority to attain the target,” he said.
NBR chairman M Nojibur Rahman also said the strategy for the revenue collection has been put in place.
The National Board of Revenue (NBR) has prepared an integrated strategy paper with a focus on enhancing surveillance on large taxpayers to attain its huge revenue collection target for the on going fiscal year.
The revenue target for the current fiscal is Tk 2,03,212 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal year.
VAT will be the biggest contributor to revenue earnings with Tk 72,764 crore. Besides, Tk 71,940 crore will come from income tax and tax on profit, supplementary duty will contribute Tk 30,075 crore, excise duty Tk 4,449 crore, export duty Tk 44 crore and other taxes and duties Tk 1,428 crore.
In the strategy paper, the NBR asked the officials of its tax zones and circles to enhance their surveillance on the big taxpayers.
Sources at the NBR said the strategy paper also stated to take prompt steps for the quick disposal of revenue-related cases remained pending with various courts for years.
It directed the officials not to go for lodging cases at the initial stage of any disputed matter, rather opt to go for Alternative Dispute Resolution (ADR) to realise the revenue.
The NBR officials were also asked to prevent the evasion of import duty and VAT which is a big problem for any country.
The revenue collecting authority has given directives to its officials to strengthen the inspection system to deposit the VAT that was collected from consumers.
It also asked the VAT officials to strengthen monitoring for ensuring the use of Electronic Cash Register (ECR) and uninterrupted continuation of its use.
The NBR also put emphasis on the identification of the new taxpayers and bringing them under the tax net.
Besides, the tax officials were asked to upgrade its monitoring system for the collection of advance income tax, make effective the Large Taxpayers Unit (LTU). For the audit of any tax file, the NBR advised its officials to choose the potential files that will bring more revenue.
Talking to UNB, a senior official of the NBR said the Finance Minister himself said the revenue target for the 2016-17 fiscal is highly ambitious. But he also said the NBR has the workforce and capability to achieve the target.
“According to the directives of the Finance Minister, the NBR is taking its strategy for the current fiscal. We’re hopeful that if the strategy works well, it won’t be a problem for the revenue-collecting authority to attain the target,” he said.
NBR chairman M Nojibur Rahman also said the strategy for the revenue collection has been put in place.
