The government is set to cut the revenue collection target of the National Board of Revenue by up to Tk 30,000 crore for the current fiscal year 2017-2017 following a huge shortfall in NBR receipts in the first nine months.
According to NBR’s provisional data, shortfall in revenue collection widened to Tk 23,008 crore or 13.75 per cent of the target for July-March period of the FY18.
The deficit was Tk 17,512 crore in July-February, Tk 14,802 crore in July-January and Tk 12,622 crore in July-December, the data showed.
NBR chairman Md Mosharraf Hossain Bhuiyan on Monday said that the revenue collection target might be reduced by between Tk 25,000 crore and 30,000 crore for NBR as the original target was ‘too high’.
The government has set the revenue collection target at Tk 2,48,190 crore for the current fiscal year for NBR.
If the NBR has to meet the original target, revenue collection for the FY18 should grow by 40 per cent compared with the receipts of the last fiscal year while many experts and economists have termed this year’s target highly ambitious, he said at a meeting held at the Large Taxpayers’ Unit (income tax) in Dhaka.
LTU (income tax) arranged the meeting as part of celebration of Halkhata festival where state minister
for health Zahid Maleque attended as chief guest.
Mosharraf said that the NBR got Tk 403 crore in income tax during the Halkhata festival celebrated on Sunday. Although the final data was not yet calculated, NBR might have also received Tk 300 crore in VAT, he said.
He said they would consider simplifying tax refund process and issuing income tax certificate at income tax fair.
‘I will instruct the tax officials to issue income tax certificate instantly if a taxpayer wants it
while filing tax returns,’ he said.
Usually, the NBR carries forward the refundable tax to adjust the amount with payable tax in the next fiscal year.
‘But, we will refund the excess tax amount the taxpayer paid if the amount is not narrowed down even after adjustment in next few years,’ he said.
Tax refund is created if the tax amount paid by a taxpayer becomes higher than his or her actual tax liability.
Zahid Maleque advised NBR for expanding tax net, adopting taxpayer-friendly policy, introducing information technology in tax collection to remove corruption and ensure transparency.
LTU commissioner Apurba Kanti Das, among others, was present at the meeting.
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