Govt plans big to boost national revenue in next 2 fiscals
Business Desk :
In its bid to boost the national revenue the interim government has set a target to collect Tk 6,15,500 crore and Tk 6,95,100 crore respectively for the next two fiscals.
In the next 2025-26 fiscal an amount of Tk 5,53, 300 crore will come from NBR which is 15.2 percent higher than the previous year, reports UNB.
Officials familiar with the plan said this week another Tk 62500 crore will come from other sources which is 5.5 percent higher than the previous year.
In the 2026-27 fiscal, Tk 6,31,100 crore, which is 14.1 percent higher, will be collected from NBR while Tk 64000 crore, which is 5.3 percent higher, will come from other sources.
The revenue target for the running 2024-25 fiscal is Tk 5,41,000 crore. Of which, Tk. 4,80,000 crore is supposed to come through the National Board of Revenue, and Tk. 61,000 crore from other sources.
The government has undertaken various reform measures to achieve its fiscal targets in the medium term (2026-27 fiscal), according to an official document of the finance ministry.
The revenue is expected to grow around 13 percent in the next three years, including the running one, to reach Tk 695,000 crore in FY27.
The NBR tax is estimated to grow by as high as 28.2 percent in FY24, which is then projected to grow by 17.1 percent in FY25, 15.2 percent in FY26, and finally 14.1 percent in FY27.
As per the document, there is no other option but to boost revenue collection and raise the tax-to-GDP ratio to the acceptable level in order to maintain Bangladesh’s economic development.
The government is planning to bring in appropriate changes and reforms in tax policy and administration to make them both effective and simple in the medium term.
Several initiatives are underway to make tax administration taxpayer-friendly and transparent by expanding the scope of digitalisation and automation in tax registration, return submission, and tax payment.
Tax exemptions currently being provided in various areas will be scrutinised and rationalised.
Laws pertaining to customs and income tax have been updated and more amendments are in the offing in those laws to make those more taxpayers and business friendly.
A Medium and Long Term Revenue Strategy (MLTRS) is currently being developed by the National Board of Revenue that is expected to chart a pathway to enhance revenue collection over the next five years.
Along with the initiatives for reforms in the taxation system, the government has also paid its attention to explore the potential of revenue mobilisation from NTR sources. Various initiatives are being taken to make autonomous institutions pay part of their profit to the government.
Ministries/Departments are being sensitised and encouraged to update fees/rates in non-tax revenue sector, identify potential sources and generate revenue from these sources, the document said.
A database has already been created regarding fees/rates of government services provided by government agencies.
In addition to updating the fees/charges of various services provided by the government, it has introduced a digital payment system so that the public can avail themselves of numerous services from their doorsteps which will improve NTR collection in the medium term, the document says.
On ther other hand, to encourage hassle-free tax return submission the NBR has issued an order to make online filing of income tax return (e-Return) mandatory for government employees under the jurisdiction of income tax circles located in Dhaka North, Dhaka South, Gazipur and Narayanganj City Corporation.
Online filing of income tax returns has been made mandatory for working officers/employees for all scheduled banks, all mobile telecom service providers and some multinational companies namely Unilever Bangladesh Limited, British American Tobacco Bangladesh Company Limited, Marico Bangladesh Limited, Berger Paints Bangladesh Limited, Bata Shoe Company (Bangladesh) Limited, Nestlé Bangladesh Plc.
The NBR has taken a move to simplify submission income tax return and payment procedure through online.
Online return filing system has been opened for taxpayers since September 9. Individual taxpayers can easily prepare their returns and file them online using the National Board of Revenue website www.etaxnbr.gov.bd.
From this system, taxpayers can pay taxes through internet banking, card payment (debit/credit card) and mobile banking and get the facility of downloading and printing copies of filed returns, receipts, income tax certificates, TIN certificates. Besides, anyone can download and print the e-Return filed for the previous year.
The e-Return registration process has already been made more taxpayer friendly. Biometric SIM registered with own national identity card of respected taxpayer is required for successful registration in e-Return.