14.28pc growth in revenue collection | Economy | ABnews24

Wed, November 21, 2018
14.28pc growth in revenue collection
Dhaka, 5 Jan, Abnews: Revenue earnings have increased at an average rate of 14.28 percent over the last five years that has ultimately boosted the government's capacity to finance priority projects with own funds. 
 
Revenue collection soared to Tk 1,85,003.69 crore in fiscal year 2016-17 (FY17) from Tk 1,09,151.73 crore in 2012-13 (FY13), according to the National Board of Revenue (NBR).
 
In the first five months (July-November) of the current fiscal year (2017-18), the NBR collected Tk revenue worth Tk 75,308 crore.
 
"Revenue earnings has gone up steadily over the last five years as the NBR has been able to create a revenue friendly culture in the country by taking up various innovative approaches, including holding tax fair, introducing VAT and tax cards and honoring taxpayers with Kar Bahadur," said former NBR chairman Md Nojibur Rahman who recently joined the Prime Minister's Office as Principal Secretary. 
 
He said NBR has stopped harassment at field level by developing cordial relations with taxpayers across the country. Along with it, the NBR has reached services to the doorstep of the people with the help of technology, he added. 
 
"NBR's innovative initiatives and digitization of tax related services have started yielding results," said Rahman. 
 
According to the data of NBR, revenue earnings stood at Tk 1, 20, 819.85 crore in fiscal year 2013-14, up by 10.69 percent from the previous fiscal year (FY13). In the fiscal year 2014-15, revenue earnings stood at Tk 1, 35,700.70 crore, posting a 12.32 percent growth and in the fiscal year 2015-16, the growth was 14.60 percent as the NBR earned Tk 1, 55, 518.72 crore. There was a big leap in fiscal year 2016-17 as the NBR mobilized Tk 1, 85,003.69 crore positing a growth of 18 percent.
 
The contribution of Value Added Tax (VAT) was the highest 36.07 percent to the robust growth in revenue earnings, income tax contributed 35.17 percent and duty at import-export level 28.76 percent.
 
In FY13, the total number of electronic Tax Identification Number (e-TIN) holders was only 12 lakh which has now increased to 32.71 lakh. 
 
"The quick rise in the number of taxpayers reflects that citizens are now becoming conscious in paying tax and their confidence in NBR is increasing. People are taking e-TIN at their own initiatives," said Nojibur Rahman. 
 
Research director of Centre for Policy Dialogue (CPD) Khander Golam Moazzam said changes have taken place in the policy of NBR and its tax fair motivated people to pay tax. Online e-TIN and VAT registration were excellent initiatives that helped boost revenue collection, he added. – BSS
 
ABN/Adrian/Jasim/AD
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