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NBR to hunt the rich to boost receipts

Rejaul Karim Byron
The government will hunt for the rich people and tax-dodgers to achieve the revenue collection target in the next fiscal year.
The Finance Division has already set the revenue collection target for the National Board of Revenue, which is Tk 149,720 crore - around 20 percent higher than the target in the revised budget of the current fiscal year.
The tax administrator is now working to set revenue collection targets for different sectors.
The income tax department of the NBR will have to collect the lion's share -around Tk 60,000 crore, which is 35 percent higher than the current fiscal year's revised income tax target, an official said.
Around Tk 55,000 crore will have to be collected from value added tax (VAT), the amount being about 23 percent higher than the current year's revised target.
In the revised budget of the current fiscal year, both the income tax and VAT collection targets were almost the same -Tk 44,3 60 crore and Tk 44,745 crore respectively.
NBR Chairman Ghulam Hussain said recently that they will focus more on the income tax segment, which is not fully tapped yet and has a lot of potential.
NBR officials said massive changes may be brought in the system of imposing surcharge on wealth for realising more tax from the rich.
They said, at present 10 percent surcharge is imposed on net assets of Tk 2 crore to Tk 10 crore, and 15 percent for assets worth more than Tk 10 crore.
The officials said the slabs of assets and surcharges may be raised. Changes will also be brought in the system of asset valuation so that more tax can be collected from the rich.
"We have been working to find out ways to collect more tax from those who possess assets worth more than Tk 2 crore," the NBR chairman said at a prebudget discussion with Economic Reporters' Forum.
The NBR has already identified around 162,000 houses in Dhaka and Chittagong that are still out of the tax net. The tax administrator is taking preparations to bring the homeowners under the tax net in the next fiscal year.
The NBR officials said, if the tax-dodging homeowners are brought under the tax net, income tax could be realised from them in various ways.
The NBR also considers calculating the value of lands and assets in line with the income tax law, the officials said.
The estimated value of lands and assets will be close to their real value, and so tax collection will also be higher.
At present, corporate tax on non-listed companies is 37.5 percent to 45 percent, which can be lowered by around 2 percentage points in the next budget.
The ceiling of tax-free income may be raised to Tk 2.5 lakh fromTk 2.20 lakh now.
At present there is a provision of realising more tax from those having more than one house or car. Imposing a higher amount of tax on the house-owners, who rent out more than one flat, is under consideration. In such cases, there must be a deed signed by the owner of the house and the tenant and the rent must be paid through bank cheques.
However, if the house-owners resort to tricks to dodge tax even after the introduction of the system, action would be taken against them.
In case of VAT, a massive reform process will start from the next fiscal year. The government has already taken a project to implement the VAT and Supplementary Duty Act at a cost ofTk 551 crore.
The new VAT law will come into effect on July 1, 2015. The implementation of the new measures of the law will take off before making the law effective. Registration under the new VAT law will begin from January next year.
For VAT management automation, commercial-off-the-shelf (COTS) software will be purchased and the purchase committee will approve it on Thursday.
When the registration using the COTS software will start, VAT evasion could be reduced and tax collection will increase.
The NBR officials said the finance minister has asked them to prepare a plan for collecting a higher amount of revenues from domestic sources as the government will need much money to implement big projects in its first year in power.