In August this year, the NBR was able to mobilise Tk8,885 crore from all three of its wings
The National Board of Revenue (NBR) has mobilised around Tk16,873 crore in the first two months of current fiscal with a 15% growth compared to the last fiscal.
Smooth business environment and increased monitoring led to the moblisation.
The NBR revenue collection grew by Tk2196.5 crore or 14.92% in comparison with July and August of the last fiscal, the NBR recent data shows.
In August this year, the NBR was able to mobilise Tk8,885 crore from all three of its wings.
NBR was able to collect Tk5,860 crore as customs duties, Tk6,571 crore as VAT and Tk4,442 crore as income tax in July-August of the fiscal year.
Meanwhile, all departments of NBR have witnessed significant growth with 17.08% in customs duties, 14.28% in Value Added Tax and 13.09% in income tax.
NBR officials said the smooth business environment and extensive monitoring by taxmen have helped the tax authority to collect the significant amount of tax.
The stable political situation is now helping the businesses run their operations smoothly, and so are the import-export activities, thus bringing in a good amount of tax from the businesses, they added.
They also said bringing potential sectors under the withholding tax, commonly known as tax at source net, also helped increase the collection.
The NBR, in the last two fiscal years, failed to meet its targets.
In August, the board has asked all its field offices to increase supervision to prevent tax loopholes and tax evasion to help increase the collection.
With the instructions, tax officials were asked to focus more on increasing the penalty and enforcement of criminal action, intensifying drives to realise the dues and expediting revenue collection and speeding up disposal of pending cases to meet the revenue target for current fiscal.
The board also emphasised ensuring taxpayer-friendly environment so that the taxpayers feel encouraged to pay more tax, ultimately resulting in increased collection.
The government has set a revenue collection target of Tk1,49,720 crore for FY2014-15 including highest Tk56,580 crore as income tax, Tk56,500 crore as VAT, Tk35,720 crore as customs duties and Tk920 crore as other taxes that includes travel tax.
Source: Dhaka Tribune
