NBR moves to realise Tk 23,000cr arrears

The National Board of Revenue is working to realise arrears of Tk 23,000 crore in taxes from various organisations, including Bangladesh Petroleum Corporation, chairman of the tax authority said yesterday.

"We have made progress in realising the amount," said Md Nojibur Rahman at the launch of Tax Guide 2015-16 at his office in Dhaka.

Dhaka Chamber of Commerce and Industry (DCCI) published the guidebook for the convenience of the taxpayers.

Revenue collection stood at Tk 30,928 crore in July-September of fiscal 2015-16, up 9.5 percent year-on-year.

Tax receipts fell short of the target by Tk 5,781 crore in the first quarter. But the NBR chairman hopes the second quarter's target will be achieved.

The first quarter is generally a preparatory time for the implementation of the Annual Development Programme, Rahman said.

“We have also seen challenges in revenue collection from imports," he said.

Officials earlier blamed the less-than-expected collection figure on falling imports and low prices of various imported items, including petroleum and commodities. Imports fell 3 percent in July-August of fiscal 2015-16.

Some agencies, including Bangladesh Petroleum Corporation, have realised value added taxes but have not deposited the money with the state coffer.

A large chunk of VAT is also due with state-owned gas companies, according to the NBR.

The tax collector held a meeting with the BPC on November 3 to realise VAT worth Tk 2,621 crore.

In a Facebook posting, Rahman said Petrobangla deposited more than Tk 600 crore in the Large Taxpayers Unit of the NBR.

"Overall, we are heading towards the revenue target," he said at the programme yesterday.

Rahman also said the law for direct tax will be in Bangla to make it easier to understand for the taxpayers; an English version will also be available.

"We are modernising our customs law," he said, adding that the draft of the new law would be placed at the upcoming session of parliament.

The new VAT law will be effective in July next year, he said.