Business Report :
Newly-appointed National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan Sunday put emphasis on increasing the tax to GDP ratio for having a sound macroeconomic in the country in the days to come.
“Our tax to GDP ratio is very low as it is only 7.3 percent (pc) at present whereas it is 12 percent in India, 17.5pc in Nepal, 12.3pc in Bhutan and 7.5pc in Pakistan. We’ve to focus on this matter and enhance our tax collection,” he said.
The NBR Chairman said this while holding his first meeting with the NBR high-ups at his office at the NBR Bhaban here in the capital’s Sher-e-Bangla Nagar.
Based on the revenue collection, the budget is formulated, he mentioned, adding: “In the budget, the revenue collection target for the NBR was given very high, which was not done professionally.”
As a result, Rahman said the government has been formulating deficit budget for a long time and the meaning of deficit budget is increased national borrowings. “We’ve to supply enough revenues so that the national borrowings must not increase anymore,” he continued.