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Govt eyes 27pc more revenue next FY

Likely to set Tk l,18,380cr target

Rejaul Karim Byron
The government may set the target of total revenue earning at Tk 1,18,380 crore in the
national budget for the next fiscal year, which is 27 percent higher than that in the present budget.
Revenue earning target in the present budget is 17 percent higher than in the budget for the previous FY (2009-10).
The share of income tax is 28.93 per cent in the earning by the National Board of Revenue (NBR) in the current FY, and it will be 29.81 percent in the next budget.
The target of earning
from income tax in the next budget will be 37 percent higher than in the present budget.
NBR sources said no new tax will be imposed for raising revenue earning. This will be done through various new initiatives and by limiting the scope of tax evasion.
Besides, the present upward trend of inflation will also contribute to higher revenue collection.
The NBR at a meeting with the prime minister last month presented its plan for increased revenue earning.
In its plan, the NBR said direct or income tax in the next budget will be increased to 29.81 percent of the total NBR earning compared to 27.47 percent in FY2009-10.
Moreover, Value Added Tax (Vat) will be increased by about 0.70 percentage point to 35.77 percent of the total revenue. But import tax will be lowered to 33.72 percent of the total revenue after slashing it by 3.11 percentage point.
NBR officials said they are also going to lower the cost of collecting revenue. In FY 2009-10, Tk 0.74 was spent for collecting Tk 100 in revenue on an average but in the next FY, the cost will be lowered toTk0.70.
Revenue earning was more than the target in the first nine months of the current FY, said the NBR officials.
The finance minister has
said the target may be increased byTk 1,000 crore in the revised budget.
The officials said one of the main causes for the increase in revenue earning in this FY is high prices of commodities both in the domestic and international markets, and for this Vat, import tax and supplementary duty shot up.
Besides, a number of measures were taken to increase revenue earning. In some cases, tax rate was enhanced, sources said.
NBR officials said high inflation will continue in the next FY, which will normally increase revenue income. Alongside NBR is going to be automated, and new Vat and income tax laws introduced. All this will contribute to higher revenuecollection.
They mentioned that there will be no change in import duty structure in the next FY. Possibility of imposing new tax except on cigarette and tobacco is very slim.
In the current FY, a survey has been conducted in some areas to find new tax payers, and in the next FY, more areas will be covered.
The central intelligence cell (CIC) will be strengthened to check tax evasion.
In the next budget, special focus will be given on raising non-tax revenue, the finance minister said.