Revenue reaches record high

Devise new strategies to boost revenue collection

Published : 06 Oct 2021 08:34 PM | Updated : 07 Oct 2021 03:40 PM

According to a report published in this daily on Wednesday, the revenue collection has witnessed a record 14.55 percent growth in the first two months (July-August) of the current fiscal year 2021-22 (FY22).

In the first month (July) of FY22, the total collection deficit including income tax, value added tax (VAT) and customs was Tk 7,227.75 crore. But in the second month (August), the revenue collection has achieved 24.59 per cent growth. As a result, the deficit has come down to Tk 5,210 crore against the target, according to the provisional data of NBR statistics department.

Experts opine that revenue collection during Corona pandemic suffered a setback mainly due to slow economic activities. But now the participation of people in economic activities is increasing. Import-export has also become normal.

The taxation culture needs to be changed and 

improved systems are needed to be put in place 

so that it encourages more tax-paying

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Now to get this surge, a holistic approach is needed to be taken by the government as stability in our major export items will spike our export earnings even more.

However, 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.

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