New finance minister sets sights on boosting revenue
The new finance minister AHM Mustafa Kamal yesterday stressed on increasing revenue collection.
Kamal went straight to the ministry after taking oath as finance minister at Bangabhaban yesterday and held a meeting with officials.
The country has about 4 crore middle-income people, who have the means to pay Tk 10,000 to Tk 15,000 tax in a year. But the total number of people submitting tax returns at present is 17 to 18 lakh.
“The NBR staff will have to be rough and tough,” he said, while instructing the revenue authority to increase its manpower by 50,000 persons such that every shop, upazila and growth centre can be reached.
He also called upon the National Board of Revenue to supply the electronic transaction register to every shop so that tax collection is done properly.
About the implementation of new VAT law, he said it would not work if the rate is fixed at 15 percent.
The rate needs to be tolerable and the full amount of VAT must be realised at the rate fixed.
“Scanners have to be installed so that none can take cash incentives by exporting earth,” he added.
NBR Chairman Mosharraf Hossain Bhuiyan was also present at the meeting. The finance minister asked how much revenue he can collect this fiscal year.
The NBR chairman assured the minister that Tk 250,000 crore can be collected. The revenue target for this fiscal year is Tk 296,201 crore.
Kamal yesterday held another meeting with the banking division.
At the meeting, he said the financial sector in Bangladesh is in a much better shape. “The bad things prevailing in the sector are also there in many other countries.”
Kamal will sit with all the sector's stakeholders for taking necessary steps to remove the faults.
He also touched upon the non-performing loans in the banking sector. “It is too high and has to be brought down.”
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