The National Board of Revenue will conduct special drives to offset the shortfall in revenue collection after analysing the reasons for the huge amount of shortfall in the first half of the current fiscal year 2019-2020, said its chief on Thursday.
‘We will find out the reasons for the shortfall and will prepare a plan to overcome the challenges and conduct drives along with other measures to boost the revenue collection,’ NBR chairman Abu Hena Md Rahmatul Muneem said at a press briefing in the capital.
The revenue board arranged the briefing at its headquarters on the eve of National Customs Day to be observed on January 26 with a theme ‘customs fostering sustainability for people, prosperity and the planet’.
Muneem, who assumed the post of the NBR chairman on January 6, also warned of taking stern actions against greedy and corrupt officials.
He said that the termed ‘zero tolerance’ was a vague one as no one could ensure it.
‘I will be tough enough to ensure transparency, accountability and honesty of officials,’ he said.
Salaries and other benefits are now so high that no one needs to be corrupted, he said, adding that people made enough personal gain, which would not be allowed anymore.
He said that greed and corruption centring personal gain left no ideal for the new generation.
Deficit in the NBR revenue collection stood at Tk 26,876 crore in the first five months of the current fiscal year due mainly to poor performance of VAT and customs wings and dismal economic performance of the country in the period, according to the NBR data.
Tax officials managed to collect only Tk 83,692 crore in the July-November period of FY20 against a collection target of Tk 1,10,568 crore for the period.
The revenue collection target for NBR is set at Tk 3,25,600 crore for the entire FY2020.
The NBR chairman said that they would focus on expanding the tax net to reduce tax burden on individual taxpayers and take all-out efforts to make the revenue collection hassle free.
Dependency on customs duty will gradually reduce as part of trade facilitation while there are scopes for increasing value-added tax in the country, he said.
He said that the government offered tax exemption to facilitate investment and industrial growth though there were other factors, including bank interest rate, for investment.
The NBR will arrange rally, seminar, opinion exchange meeting across the country on the occasion of customs day, he said.
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