NBR beats target for revenue receipts

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NBR beats target for revenue receipts

Star Business Report

The National Board of Revenue has achieved a big success in revenue receipts, 27 percent or around Tk 3,000 crore more than the target, in the first six months of current fiscal year.

If the trend continues, NBR will be able to realise more revenues than the target at the end of the current fiscal year, said NBR Chairman Nasiruddin Ahmed.

During July-December, the revenue administrator collected Tk 33,550 crore in revenues, up from Tk 26,394 crore in the same period of the previous fiscal year.

The body set a target to gather Tk 72,590 crore in revenues in fiscal 2010-11, which was fixed at Tk 30,720 crore for the first six months.

Ahmed disclosed the information at a press meet at its conference room in Dhaka yesterday.

The revenues collected from income taxes saw a growth of 34 percent, the highest this time. Realisation of value-added-tax (VAT) increased by 34 percent at local level while the collection went up 27 percent at import level.

“The higher the income tax collection the more it contributes to build a society,” the chairman said.

“It was the result of NBR’s sincere efforts.” He said NBR officials are no more confined to office-based duty and frequently go on field trips that lessened fears among taxpayers. “It boosted revenue collections,” he said.

He also said the tax collection process had been made simpler. The electronic tax collection has been introduced in many cases. These actually helped the organisation collect the revenues at all levels, he added.

The NBR has taken many people-based programmes this time, which helped increase the number of income tax returns submissions, said NBR member Basir Uddin Ahmed.

The number of submissions as of December 2010 was 9.83 lakh, up from 7.72 lakh in the same-year-ago period, he said.

NBR’s income tax policy member Aminur Rahman said the target for revenue earnings from the sector will not fall short despite a recent fall in the share market.

NBR made the tax projection from the share market anticipating a daily transaction of Tk 1,500 crore. The average daily transaction will maintain the projected rate, regardless of a decrease in transactions in recent times, Rahman added.

Another NBR member, Farid Uddin, said: “In future we will attach highest emphasis to income tax.” Mentioning the NBR team’s recent visit to South Africa, he said only 4 percent of the tax comes from import level and 24 percent from VAT. “Income tax provides the rest.”

NBR member (customs) Hussain Ahmed said the tenure of pre-shipment inspection system has been extended to December 2012. The appointment of a new company is now under process, he said.

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