Foto

Please Share If You Like This News


Buffer Digg Facebook Google LinkedIn Pinterest Print Reddit StumbleUpon Tumblr Twitter VK Yummly

The National Board of Revenue in the current financial year 2019-20, will have to collect at least Tk 1 lakh crore or 46 per cent more than what it has collected in the just concluded FY19, as the government has given the revenue board a ‘gigantic’ target for the new FY. The government in the budget set the revenue collection target of NBR at Tk 3,25,600 crore for FY20 while the tax authorities managed to collect only Tk 2.22 lakh crore in the FY19 with a shortfall of Tk 58,000 crore from the revised revenue collection target, according to the provisional data of NBR.


Hostens.com - A home for your website

The government set the revised target at Tk 2,80,063 crore in FY19 downsizing from the actual revenue collection target of Tk 2,96,201 crore.

Economists and experts have termed the target ambitious, imaginary and impossible to achieve following the existing as usual business situation and in absence of new and innovative efforts and required changes in tax administration.

Officials of the revenue board said that the government had set the revenue target for FY20 with 16.26 per cent growth rate keeping the revised target in mind.

But, NBR’s revenue collection will have to grow by around 47 per cent than the last year’s collection, when revenue collection grew slightly more by 7.50 per cent for achieving the target for new fiscal year, they said, adding that revenue collection grew by on an average 14 per cent in last five years.

Though the amount of revenue collection will be slightly higher after final calculation by the end of the month, the final figure will not exceed Tk 2.25 crore, they said.

Policy Research Institute executive director Ahsan H Mansur on Saturday told New Age that the target for FY20 was not attainable at all.

There are no attempts, administrative measures and systematic structural changes in the budget to boost revenue collection, he said.

Implementation of the new VAT law will also not help NBR in achieving the target as the tax authorities will not get so much tax by implementing the law, he said.

Most of the source of income generation in the country is illegal and creating just ’black money’ as influential people is accumulating wealth by illegal means including extortion, bribery and crony capitalism, he said.

The government is not getting any taxes from illegal wealth, he said, adding that the government would get huge taxes from the wealth if it had been accumulated in legal way.

Former chairman of the NBR Muhammad Abdul Mazid said that the government was setting the ambitious target without any plan, efforts and initiatives to increase revenue.

In last few years, the revenue collection target has been set to solve the mathematics of growing expenditure budget, he said.

There are no specific plan for economic sectors including trade, financial sector and foreign trade from where revenue is generated, he said, adding that revenue will not increase if the economy does not become vibrant.

According to the sector-wise revenue collection target for FY20, VAT wing will have to collect Tk 1,17,672 crore followed by income tax wing at Tk 1,15,588 crore and customs wing have to collect Tk 92,340 crore.

NBR managed to collect the highest Tk 85,600 crore in VAT followed by Tk 72,300 in income tax, and Tk 64,100 in customs duty in the FY19.

Report by - //dailysurma.com

Facebook Comments

bottom