NBR revenue up
The revenue board beat its target and recorded an 18 percent growth in revenue collection in fiscal 2009-10 compared to the previous year.
The National Board of Revenue (NBR) earned Tk 62,007.47 crore against the target of Tk 61,000 crore set for the last fiscal year.
The earning was Tk 52,527.25 crore in fiscal 2008-09.
Meanwhile, around Tk 923 crore in black money was legalised in four categories last fiscal year, and the NBR earned Tk 121.2 crore as tax from the money whitening.
Revenue from import rose 9.68 percent, while value added tax (VAT) and income tax posted 24.51 percent and 23.3 percent growth respectively.
The tax administrator collected Tk 22,891.37 crore from import revenue, and the earnings from VAT and income tax stood at Tk 21,643.25 crore and Tk 17,087.14 crore respectively.
Also, the revenue earning from supplementary duty grew by around 26 percent to reach Tk 10,682.13 crore in fiscal 2009-10.
However, other taxes, including travel tax, went down 7.39 percent, according to statistics disclosed by the NBR at a press conference in Dhaka yesterday.
Nasiruddin Ahmed, chairman of the NBR, said the board has reached the target for the third time in the last 10 years.
“We are taking a series of measures to strengthen the revenue collection efforts. We have revised the rates of VAT and customs duty to enhance the revenue figures," he said
The NBR is taking steps to revamp its internal mechanism, such as automating the entire tax collection process, and strengthening the Central Intelligence Cell, to spot tax evasion cases, Ahmed said.
A total of 1,923 people whitened around Tk 923 crore by investing in new industries and infrastructure, stockmarket, flat and land purchase, and BMRE (balancing, modernisation, rehabilitation and expansion) last fiscal year.
"The amount (whitened) will cross Tk 1,500 crore," said Ahmed.
People were given scope last year to whiten black money by paying 10 percent tax and investing in the share market, new industry and BMRE.
For flat and land purchase, the holders of undisclosed money were given a chance to legalise their money by paying fees of different amounts, depending on the size of the flat and land.
As many as 162 people whitened Tk 239 crore in new industries and infrastructure, while 145 people whitened Tk 257.28 crore in BMRE, and 296 whitened around Tk 29 crore by investing in the stockmarket.
Ahmed said a total of 1,320 people whitened money for purchasing flat and land. The board expects the amount whitened in this sector to cross Tk 500 crore.
"The figure is not satisfactory at all. We could collect more."
Ahmed blamed complicated laws and staff shortage for the poor collection from the undisclosed income. The NBR brought 3.43 lakh new taxpayers under the tax net in the last 10 months, said the chairman.