The government’s all-round initiatives in the fiscal sector led to the rapid growth of the country’s economy over the recent years, resulting significant surge in tax and revenue collection. Now government wants to simplify laws and regulations to facilitate people to pay their taxes without any hindrance.
VAT is the largest source of internal resources. 39 percent of the total revenue collected through NBR comes from VAT. In the last financial year, the revenue collected was Tk 2,62,000 crore. Of the amount, the contribution of VAT was Tk 97,000 crore.
Government’s goal is to increase revenue. In doing so, care must be taken so that people do not suffer. The law should be simple and the revenue should be collected by increasing the quality of service.
The taxation culture needs to be changed
and improved systems are needed to be put
in place so that it encourages more tax-paying
Many people oppose tax breaks but tax exemptions are required. Because it involves production and employment. However, the benefits should be given by sorting.
We still have to make strides in the revenue collection sector as every year we have only a fixed number of taxpayers in the country. In our country, people who pay taxes are often harassed and those who evade taxes are not being taken under any action or scrutiny. This culture needs to be changed, especially for a country that wants to sustain such striving economic standards and goals.
We have to make sure that the number of taxpayers increases every year. We will never be able to prosper with such a limited tax-paying populace. The taxation culture needs to be changed and improved systems are needed to be put in place so that it encourages more tax-paying.
Read more: Tax collection should not hamper business: Dr Mashiur