It is good to note that steady growth has been maintained in revenue collection as the National Board of Revenue (NBR) has achieved a record 16.72 percent growth in the first three months of the fiscal year 2021-22 (July-September).
After successfully tackling the Covid-19 situation, the National Board of Revenue (NBR) has accelerated revenue collection through close monitoring, automation move, easing of the tax payment procedures, legal reforms, and transparency.
The taxation culture needs to be changed and
improved systems are needed to be put in place
so that it encourages more tax-paying
In the first three months of the current financial year, about Tk 58,351crore has already been collected against the target of Tk 64,695 crore in the Income Tax, Value Added Tax (VAT), and Customs Departments.
Experts opine that revenue collection during Corona pandemic suffered a setback mainly due to slow economic activities. But now the participation of people in economic activities is increasing. Import-export has also become normal.
We still have to make strides in the revenue collection sector as we have only a fixed number of taxpayers in the country.
We have to make sure that the number of taxpayers increases every year. We will never be able to prosper with such a limited tax-paying populace. The taxation culture needs to be changed and improved systems are needed to be put in place so that it encourages more tax-paying.