NBR to set up two new tax zones

Dhaka,  Thu,  17 August 2017
Published : 12 Aug 2017, 18:50:37
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NBR to set up two new tax zones

103 new upazila offices will be set up as well
NBR to set up two new tax zones
The National Board of Revenue (NBR) plans to set up new tax zones in Jessore and Kushtia and 103 new upazila offices across the country, said a senior official to UNB news agency on Saturday.

The new zones and upazla offices will be set aiming to improve the tax-GDP ratio to 15.3 per cent by 2019 from its currently level of 10 per cent.

He said the NBR has decided to introduce the offices for improving the tax collection without imposing new tax or increase the tax rate.

“The necessary steps for setting up these new offices are under process,” he said.

The official mentioned that the NBR has already established 37 tax offices in upazila level that have revenue potentiality.

“These offices will help the revenue collecting authority to increase the number of taxpayers to a great extent,” he said.

Currently, the number of taxpayers in the country is 29,28,093. These taxpayers provide 37 per cent of the total revenue. The government is in a move to increase this ratio to 50 per cent by 2020-21.

According to an official document, the number of income tax return in 2016-17 has been increased by 400,000 comparing to FY15-16.

“Some 900,000 new taxpayers have been registered (took Taxpayers Identification Number) in the first nine months of the last fiscal,” it stated.

“The government is taking these steps to improve revenue collection from the income tax wing,” the NBR official said.

Besides, the NBR is going to form two units-- ‘tax at source unit’ and ‘tax information unit’. The government has given green signal to form these two units.

The NBR official said that the new zones, offices and units are the part of the government’s initiative to find out new pockets for gathering additional taxes.

“As a result the attention will be on the collection of more money from existing pockets as well as finding out new avenues to improve the revenue collection,” he said.

The target for the NBR in the current fiscal has been set at Tk 2.48 trillion while the target of Non-NBR tax revenue collection has been fixed at Tk 86.62 billion.

The target of non-tax revenue collection has been set at Tk 311.79 billion.

The NBR has to collect Tk 868.67 billion from income tax and corporate tax, Tk 913.44 billion will come from VAT while Tk 301.53 billion will come from import and export duty and Tk 382.12 billion will be generated from supplementary duty.

According to the data released by the NBR, revenue collection increased by 19 per cent to Tk 1.85003 trillion in FY16-17 compared to the previous year.

 
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