NBR Chairman Nojibur Rahman has said the revised revenue collection that surpassed the target for fiscal year 2014-15 is not a miracle, rather it is a reality.
Acknowledging the contribution of tax officials to attaining the target, he said the teamwork from headquarters to field offices has aided the board in exceeding the target.
He also attributed good governance and economic framework to the success.
The NBR chairman came up with the revelation while announcing the revenue statistics of FY14-15 in the VAT online project office in IDEB Bhaban in the capital yesterday.
The tax authorities have successfully collected Tk1,36,267 crore against its target of Tk1,35,028 crore in FY14-15.
It has also posted 12.79% growth more from the same period of FY13-14.
The chairman also pinned hope on the collection, saying that it will increase efforts are still on in VAT and customs duty offices and that might take till July 15 to finalise the data.
Responding to a question on uncertainty expressed by economic think tanks about meeting the revenue target, Nojibur said people from outside made observations based on assumptions.
“The NBR estimation is realistic. So, there was no problem to achieve the target. We were very optimistic about that and we made it through our teamwork,” he said.
The chairman also said the recent shuffles in top positions of VAT and customs wings is another reason behind the success. “We placed right people in right places,” he said.
Tax deduction at source to get priority
The NBR boss said the field level officials are currently working extensively while the board with other ministries for proper enforcement of tax deduction at source.
“The board would establish separate tax zones to deal with the deduction of source tax.”
According to the revenue data, over 54% of income tax generates from source tax, also known as withholding tax.
The chairman said the tax authorities are making partnerships with chamber associations so that both parties can work to boost revenue collection through mutual exchange of information.
“The FBCCI has assured us that it will work for ensuring compliance among businesses while the tax authority will take initiatives so that the enforcement does not turn into harassment,” he added.
Plan to obtain 30% growth in Fy15-16:
The head of NBR also hopes that the board will successfully manage to meet Tk1,76,370 crore revenue target set for fiscal year 2015-16.
“We have achieved 27.98% growth in FY2010-11. If we can make it in FY11, achieving 30% growth target in FY15-16 is not ambitious. It will not be a tough task,” he said while responding to a question on whether 30% growth is possible in the current fiscal.
“Our capacity has increased. We had 10,000 officials in 2010, but in 2013, manpower was increased. Many posts are now remaining vacant, but that will soon be filled up.”
Regarding the new initiatives, he said the board will now focus on a number of initiatives including carrying out survey and finding out potential sectors to boost the revenue collection.
“In a country of 16 crore population, the number of taxpayers should not be this much low,” the chairman said, adding that the survey will be extended for bringing more people under tax net.
Currently, less than 1% of the population pays tax in Bangladesh.
In regard to customs duties, he said NBR is working on coordinated border management for development of customs duties collection.
“Cocaine haul in Chittagong port is one of its example,” he cited.
The NBR head also said efforts will be made to accelerate port activities in Pangaon Customs Station.
