Abu Sazzad :
The National Board of Revenue (NBR) is going to drive a special move against the register companies those are not paying their taxes properly with a view to meeting the remaining revenue target for the current fiscal, said NBR sources.
Under the registration of the Registrar of Joint Stock Companies and Firms (RJSCF), the number of companies in the country is 128,000. And the total number of taxpayers at the company level is 47,434, they said.
An official said this year the NBR has taken various approaches to increase the tax net across the country.
According to NBR, there are many companies that do not run their business despite taking registration from the RJSCF. In the absence of any accurate data on such companies the gap between the companies closed and those running business is growing.
Besides, many companies are functioning in remote areas of the country without any TINs. So, they are remaining outside the calculation. Some 45,000 companies have the TINs.
Recently, the BNR Budget Implementation Programme (BIP) in a meeting discussed on the assessment of actual tax of company taxpayers. A proposal was placed there for holding a joint meeting of the Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Bank, NBR and RJSCF.
The NBR chairman, Md Nojibur Rahman, told The New Nation recently that his organisation has already asked its field offices to take effective and pragmatic steps towards collecting outstanding taxes across the country.
He said the tax zones have been directed to bring the companies, not yet covered, under the tax net through proper survey and inspection. “Initiatives have already taken to enhance coordination among the government agencies involved with the companies,” said the NBR Chairman.
The government has set the revenue collection target at Tk 208,443 crore in the national budget for the ongoing fiscal in which Tk 176,370 crore was fixed for NBR. The NBR has collected Tk 30,910.67 crore as on the first quarter (July to September). Revenue collection targets were lack behind of Tk 5,798.54 crore or 15.81 per cent, according to a provisional data of the NBR.
Actually, the revenue income generates from three major sections such as income tax, value-added tax and customs duty, but unfortunately they have failed to meet the target set for the period.
A senior NBR official on condition of anonymity said, the revenue collection experienced such a huge shortfall in the first quarter mainly because of dull economic activities both in domestic and external sectors.
Lower revenue collection will put pressure on the government, which can hinder the basic public services and overall development of country’s infrastructure, said CPD Research Fellow Towfiqul Islam Khan.
“If such trend cannot be reverted, the government will need to consider an early revision of the national budget for the ongoing fiscal year in view of recent developments,” he said.
The National Board of Revenue (NBR) is going to drive a special move against the register companies those are not paying their taxes properly with a view to meeting the remaining revenue target for the current fiscal, said NBR sources.
Under the registration of the Registrar of Joint Stock Companies and Firms (RJSCF), the number of companies in the country is 128,000. And the total number of taxpayers at the company level is 47,434, they said.
An official said this year the NBR has taken various approaches to increase the tax net across the country.
According to NBR, there are many companies that do not run their business despite taking registration from the RJSCF. In the absence of any accurate data on such companies the gap between the companies closed and those running business is growing.
Besides, many companies are functioning in remote areas of the country without any TINs. So, they are remaining outside the calculation. Some 45,000 companies have the TINs.
Recently, the BNR Budget Implementation Programme (BIP) in a meeting discussed on the assessment of actual tax of company taxpayers. A proposal was placed there for holding a joint meeting of the Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Bank, NBR and RJSCF.
The NBR chairman, Md Nojibur Rahman, told The New Nation recently that his organisation has already asked its field offices to take effective and pragmatic steps towards collecting outstanding taxes across the country.
He said the tax zones have been directed to bring the companies, not yet covered, under the tax net through proper survey and inspection. “Initiatives have already taken to enhance coordination among the government agencies involved with the companies,” said the NBR Chairman.
The government has set the revenue collection target at Tk 208,443 crore in the national budget for the ongoing fiscal in which Tk 176,370 crore was fixed for NBR. The NBR has collected Tk 30,910.67 crore as on the first quarter (July to September). Revenue collection targets were lack behind of Tk 5,798.54 crore or 15.81 per cent, according to a provisional data of the NBR.
Actually, the revenue income generates from three major sections such as income tax, value-added tax and customs duty, but unfortunately they have failed to meet the target set for the period.
A senior NBR official on condition of anonymity said, the revenue collection experienced such a huge shortfall in the first quarter mainly because of dull economic activities both in domestic and external sectors.
Lower revenue collection will put pressure on the government, which can hinder the basic public services and overall development of country’s infrastructure, said CPD Research Fellow Towfiqul Islam Khan.
“If such trend cannot be reverted, the government will need to consider an early revision of the national budget for the ongoing fiscal year in view of recent developments,” he said.
