NBR to bring more sectors under direct tax
The National Board of Revenue (NBR) is going to
bring more sectors under the direct tax net as the government apprehends less revenue from import duty in the coming days.
According to NBR sources, the next fiscal year would be a tough one for the government to collect revenue from import duties as the prices of different materials are showing downtrend.
Finance Minister AMA Muhith in a recent visit at the NBR hinted that the revenue target for fiscal 2009-10 year would not be less than Tk 60,000 crore.
He also said that the government is planning to expand the net of direct tax as the revenue collection from import duties is decreasing day by day.
The government target for the fiscal year 2008-09 was Tk 22,5336 crore for import duty, VAT (import level) and supplementary duty (import level), but the collection stood at Tk 14,567 crore as on April 26 with only 8.35 percent of growth.
The revenue generation from imports will have to suffer more as the World Trade Organization (WTO) is heading towards a duty-free world.
The finance minister during his visit at the NBR had emphasised on improving the collection from direct tax.
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