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Widening net a priority over raising tax: NBR chief PDF Print E-mail
Wednesday, 27 February 2008

NBR chief Mohammad Abdul Majid Staff Correspondent

NBR chief Mohammad Abdul Majid said Tuesday, the tax net would be expanded as much as possible in the next budget instead of increasing the rate of tax.

The nation's tax net needed to be further broadened beyond big industry and the very rich, Majid said in a press conference at the National Board of Revenue office in Segun Bagicha.

"Arrangements will now be made to realise tax from small and medium enterprises as well as any other individuals who are capable of paying." "Due to the altered situation in the country following January 11, big industries and rich people are facing problems that have negatively impacted the economy of the country," the NBR chairman said.

An expansion to the tax net would mean tax revenue could be increased without increasing tax rates, he added. "We will fix the target for revenue collection with this in mind. We will ensure that the vast majority of people who are willing to pay tax can do so without harassment."

The revenue boss failed to give a specific response to queries regarding the exact extent of the next budget's revenue collection target. "As every year, the target this year will be increased," he said. "In the current budget revenue growth was targeted at 17 percent. The growth target will be higher this time," he said.

Regarding the whitening of black money and legitimising undeclared income the NBR chief said: "Scope for that always remains." "Anybody can whiten money by paying a fixed fine at the moment.

However, no decision has yet been taken on whether the budget will allow for legalising undeclared income without a fine for any period in the future," Majid said. The NBR chief said revenue collection in the current fiscal was satisfactory. In the first seven months of the financial year (July 2007-Jan 2008), Tk 1,080 crore above the revenue target was realised, he said.

A total of Tk 23,588.25 crore was collected during this period, compared to the target of Tk 22,508.56 crore, Majid said. The growth rate stood at 25.17 percent for the period.

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