The National Board of Revenue (NBR) has devised five strategies to further strengthen and expedite its process to increase revenue collection.
We think these strategies will balance the revenue collection shortfall which stood at Tk 307.91 billion in July-December period of the current fiscal year 2020-21 (FY21).
A story headlined “NBR move to raise revenue collection” appeared in this newspaper on Monday says strategies include using electronic fiscal devices (EFDs) in all business entities, from shopping malls to restaurants; expansion of income tax net; implementation of the VAT law properly; automation of bonded warehouses and improving overall non-tax revenue collection have been framed in this regard.
Authorities concerned will have to inspire people
to pay tax, which will enable the government
to spend further for the development
of the country
The NBR set a target of mobilising Tk 3,78,000 crore as revenue in the current fiscal 2020-21.
In order to increase the revenue the NBR’s three wings -- income tax, value added tax (VAT) and customs continue to work hard amid the Covid-19 pandemic crisis.
Steps have also already been taken to speed up the installation of EFD in Dhaka and Chattogram to streamline VAT collection online as it will plug dodging of VAT by dishonest businesses.
We think such moves will expedite the VAT collection significantly if all business establishments would be brought under the FED network in phases.
We know the Covid-19 pandemic brought the country’s economy to a virtual standstill, the revenue collection along with business activities came to a halt for a long time.
We hope that the country’s revenue repository will be enriched along with increasing awareness among the businessmen and consumers about paying VAT.
