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NBR sets income tax growth target at 23pc

Drive to be launched to add more taxpayers

Reiaui. Karim Byron
National Board of Revenue (NBR) has fixed the income tax growth target at 23 percent for the next fiscal year. The board will launch a massive drive in different areas of Dhaka, Chinagong and Sylhet cities to reach the target.
The growth rate has been set at 17 percent for domestic tax including VAT (value added tax), NBR officials said.
However due to a fall in import prices and customs duty, only 9 percent growth target for tax is going to be fixed at import level.
The officials said surveys will be conducted to find out new taxpayers in the next fiscal year in some Dhaka areas‘such as Uttara, Nikunja, Banasree, Baridhara, Savar, Dohar, Nawabganj, Keraniganj, Munshiganj and Louhajang.
Surveys will be conducted in Patiya, Sitakunda, Satkania and Hathazari of Chittagong district, and in Beani Bazar of Sylhet district.
NBR officials said all the preparations have been taken to conduct intensive survey in these areas.
Other areas of the country would be brought under survey gradually upon manpower availability.
The new taxpayers will have to pay at a specific rate for the 25 percent of their total assets to regularise their property.
The NBR targets to take the number of taxpayers to over 10 lakh from existing seven lakh.
NBR officials said introduction of tax holiday and opportunity to whiten money under new tax structure will add to income tax generation. NBR expects investment ofTk 15,000 crore to Tk 20,000 crore through money whitening provision in the next three years.
An official said money kept abroad by Bangladeshis might be brought in for investment, giving the money whitening opportunity.
Finance ministry officials said in the next fiscal year the target for revenue earning by NBR would be fixed at Tk 61,000 crore, which was Tk 53,000 crore in the current fiscal year's revised budget. The figure
was Tk 54,500 crore in the original budget.
Of the Tk 61,000 crore, income tax target for next fiscal year has been fixed at Tk 16,560 crore, which was Tk 13,538 crore in the revised budget of the current fiscal year.
The target for collecting tax at local stage including VAT is Tk 20,735 crore for the next fiscal year, while the amount was Tk 17,722 crore in the revised budget of the current fiscal year.
For import-level tax including customs duty, the target for the next fiscal year has been set atTk 23,236 crore. The amount was Tk 21,322 crore in the revised budget of the current fiscal year.
The tax collection target for other areas has been fixed at I k 469 crore. In the revised budget of the current fiscal year the amount was Tk418 crore.
Officials said NBR would give the highest emphasis to direct tax and local-stage tax as the import tax is decreasing gradually. Maximum stress would also be put for realising VAT.
The NBR will strictly monitor the use of electronic cash registers by shops throughout the country, and duty would be lowered and VAT waived for such machines to ensure their proper use. The steps would be taken to stop VAT evasion.
NBR officials said the aim of the tax and duty measures to be taken in the next fiscal year's budget would be to protect local industries, augment revenue earning by increasing tax and duty on luxury items.
The number of total import items is 6,441 now. Of those, the number of finished and luxury items is 2,693 and a 25 percent tax rate is applicable for these items. Besides this, an 18 percent tax has been imposed on these items including VAT and advance income tax.
NBR officials said another five percent regulatory duty may be imposed in the next budget to protect local industries and earn more revenue.
For the same purpose, 70 percent to 150 percent tax would be increased for all vehicles except public bus, the officials said.