UNB, Dhaka :
The budget for 2019-20 fiscal year will have special measurers to expand the tax net as the number of taxpayers in the country is still negligible compared to other countries of the world.
As part of expanding the tax base, the National Board of Revenue (NBR) will conduct tax surveys in all houses at divisions, districts and upazila levels.
Sources at the Finance Ministry and NBR said the eligible business entities at the district and upazila levels will be brought under the tax net.
They said there will be at least one tax office in every upazila of the country.
The target for the revenue collection will be Tk 3.97 lakh crore for the next 2019-20 fiscal year, aiming to reduce dependence on foreign aid and grant.
Of the total amount, the NBR will collect about Tk 3,41,700 crore while non-NBR sector will contribute Tk 17,000 crore and the non-tax sector Tk 37,500 crore.
Of the total amount of the NBR collection, VAT will contribute the most followed by income tax, supplementary duty and import duty, its officials said.
According to Finance Minister AHM Mustafa Kamal, the next budget will be placed in Parliament on June 13.
He said the tax-GDP ratio in the country is very low as it is not more than 10
percent though it is more than 15 percent in any other country of the world. Currently, officials said, some 38 lakh people have eTINs while 20 lakh individuals submit their income returns while only five lakh pay their taxes.
Around the world, income tax is the main source of internal revenue earnings. In Bangladesh, the government has been trying hard for the last few years to improve the share of income tax in revenue collection, according to the officials.
The government has set a target to make the income tax as the main source of revenue collection from 2020-21 fiscal year.
In the current fiscal year, the target for revenue collection from income tax is 34 percent while the share of VAT is 37.30 percent.
In a recent programme, the Finance Minister said though some four crore people of the country are in the middle-income group, the number of taxpayers is only five lakh.
In the future, he said, no one will be spared if one does not pay income tax despite being eligible to do that.
Though the NBR is trying hard to expand the tax net, lack of adequate manpower is hampering the move, the officials added. They put emphasis on filling up vacancies and creating more posts in the NBR to boost its revenue collection.
The budget for 2019-20 fiscal year will have special measurers to expand the tax net as the number of taxpayers in the country is still negligible compared to other countries of the world.
As part of expanding the tax base, the National Board of Revenue (NBR) will conduct tax surveys in all houses at divisions, districts and upazila levels.
Sources at the Finance Ministry and NBR said the eligible business entities at the district and upazila levels will be brought under the tax net.
They said there will be at least one tax office in every upazila of the country.
The target for the revenue collection will be Tk 3.97 lakh crore for the next 2019-20 fiscal year, aiming to reduce dependence on foreign aid and grant.
Of the total amount, the NBR will collect about Tk 3,41,700 crore while non-NBR sector will contribute Tk 17,000 crore and the non-tax sector Tk 37,500 crore.
Of the total amount of the NBR collection, VAT will contribute the most followed by income tax, supplementary duty and import duty, its officials said.
According to Finance Minister AHM Mustafa Kamal, the next budget will be placed in Parliament on June 13.
He said the tax-GDP ratio in the country is very low as it is not more than 10
percent though it is more than 15 percent in any other country of the world. Currently, officials said, some 38 lakh people have eTINs while 20 lakh individuals submit their income returns while only five lakh pay their taxes.
Around the world, income tax is the main source of internal revenue earnings. In Bangladesh, the government has been trying hard for the last few years to improve the share of income tax in revenue collection, according to the officials.
The government has set a target to make the income tax as the main source of revenue collection from 2020-21 fiscal year.
In the current fiscal year, the target for revenue collection from income tax is 34 percent while the share of VAT is 37.30 percent.
In a recent programme, the Finance Minister said though some four crore people of the country are in the middle-income group, the number of taxpayers is only five lakh.
In the future, he said, no one will be spared if one does not pay income tax despite being eligible to do that.
Though the NBR is trying hard to expand the tax net, lack of adequate manpower is hampering the move, the officials added. They put emphasis on filling up vacancies and creating more posts in the NBR to boost its revenue collection.
