The government has set a revenue collection target of Tk 5,41,000 crore in the proposed national budget for the fiscal year 2024-25, which accounts for 9.7 percent of the Gross Domestic Product (GDP). The government aims to collect Tk 4,80,000 crore through the National Board of Revenue (NBR) and Tk 61,000 crore from other sources.
The ruling party in its election manifesto has pledged to contain inflation, create employments for youths, build a modern and smart Bangladesh, develop agriculture and physical infrastructure and fix priorities on health and other sectors. The NBR should devise strategies to further strengthen and expedite its process to increase revenue collection.
It is true that revenue collection is an essential element to continue the development activities of a country. To boost its revenue, NBR’s three wings--income tax, value-added tax and customs--will have to work hard during this tough time.
It is true that revenue
collection is an essential element to continue
the development
activities of a country
We think enhancing mutual trust and communication between NBR officials and the businesspeople is essential for realising revenue and VAT as well. The authorities concerned will have to encourage the people to pay tax, which will enable the government to spend further on the country’s development.
As the entire world is now going through an economic recession and high inflation which also fell upon Bangladesh, the people whose incomes are taxable should pay taxes regularly whether they live in the cities or elsewhere in the country. The government uses money to provide service and ensure people’s welfare.
On the other hand, country’s large companies have always a tendency to avoid VAT through different ways that the revenue board cannot always detect owing to a lack of its capacity. So, NBR will have to enhance the capacity of its officials and ensure good governance in the revenue sector. NBR, the apex authority of tax administration in Bangladesh, must be on the hunt for those who are dodging tax to increase the country’s economic ability. In this regard, the officials concerned will have to inspire the taxpayers to pay taxes by making the tax-paying process easier and more friendly. If NBR is strengthened, we expect, the target set for revenue collection, both in short and medium terms, will be achieved.
