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NBR's income tax receipts grow 23pc

Sohel Parvez
Income tax receipts soared 23 percent in the immediate past fiscal year, exceeding the collection target, thanks to taxmen's intensive vigilance and efforts to net more taxpayers.
The NBR logged Tk 28,327 crore in fiscal 2011 -2012 fromTk 23,007 crore the previous year, MA Quader Sarker, mem-ber-in-charge of the NBR's tax administration, said yesterday, citing a provisionalestimate.
The NBR set a target to bag Tk 27,861 crore in income tax for the year to June 30.
Over the past five years, the tax authority has maintained more than 20 percent growth in income tax receipts particularly because of steady growth of
the economy and rising incomes.
Tax administration's efforts and measures to collect higher taxes from domestic sources in the face of sluggish growth in customs duty collection also contributed to rising income tax receipts.
The tax collector has been organising income tax fairs since the year 2010 to motivate taxpayers to pay tax as less than 1 percent of the population pays income tax. Tax evasion is persistent, according to the NBR.
Nearly 35 lakh out of the 15 crore population hold tax identification number and a third of TIN holders submit tax returns. NBR officials believe more people have taxable incomes but they do not comply with laws.
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Break-up of collection from advance income tax companies, individual and at source in the immediately ended fiscal year is yet to be finalised.
Sarker said income tax earnings might show 24 percent growth in the last fiscal year after final calculations.
"We have realised some past dues from taxpayers this year," he said citing NBR's last year drive to freeze banks accounts of some taxpayers to realise taxes.
Among the steps, the tax authority formed two taskforces last year to speed up collection by netting tax evaders. The taskforces detected tax evasions by a good number of big companies, insiders said earlier.
For fiscal 2012-13, the NBR aims to log Tk 35,300 crore in income tax out of the total target ofTk 112,259 crore.
"We hope to reach the target this fiscal year,” Sarker said. The NBR would continue efforts to realise taxes that remain due, he added.
“Our hunt to catch tax evaders through taskforce will be on along with tax auditing,” he said.
Opening of new 346 tax offices in different parts of the country will also contribute to increased income tax collection, he said.
sohel@thedailystar.net