The government has put in all efforts to achieve the revenue collection target of Tk 4,30,000 crore in the current 2023-24 fiscal year. The revenue collected by the National Board of Revenue (NBR) during the July-October period of the current fiscal is Tk 1,03,976 crore (14.36 percent).
The NBR should boost revenue collection for the country’s overall development. Proper functioning of the country’s business sector and other trade-related activities are the precondition to uplift economic growth.
Strong political commitment and fundamental reforms of the NBR could improve the tax-GDP ratio in Bangladesh. We believe if revenue collection gets pace, the government will be able to achieve its revenue target in the current fiscal year, despite the slowdown in the trade and commerce and few other sectors amid the Russia-Ukraine war, Israel-Palestine conflict and impact of coronavirus pandemic.
There is no alternative to expanding trade and business to a greater extent to take the country forward. So, the NBR will have to enhance revenue collection from both internal and external sources.
Speeding up revenue collection is an effective means of reducing dependency on foreign aid for executing the uplift programmes. The revenue collection has increased quadrupled in the last decade.
The government’s policy has made huge development at the grassroots in the last 15 years since 2009. So, people have the ability to pay taxes at the union and upazila levels in the country. The government does not want to increase the rate of taxes as the inflation rate is high now. It wants to increase the number of taxpayers.
Strong political commitment
and fundamental reforms of
the NBR could improve the
tax-GDP ratio in Bangladesh
However, the number of taxpayers in our country is lower than the expected level. The country having 170 million people should not have only around four million tax payers.
On the other hand, businessmen spend a lot of money on shopping abroad. But they do not pay tax.
We think the businessmen, those who do not pay tax should not be spared. The NBR officials must concentrate on revenue collection instead of making excuses.
Our revenue generation is too poor compared to the growth in gross domestic product. Although the size of the taxable population is four crore, only 20 to 22 lakh income tax returns are submitted every year. The government has taken initiatives to make revenue collection easier for businesses to submit their returns. The taxpayers, traders, and consumers at all levels of the country must pay tax as per law.
So, the government has to step ahead amid the economic recession and high inflation rate. The more the government collects taxes, the more it will be easy and possible to overcome the economic recession and high inflation rate. The authorities concerned should work with sincerity and professionalism to extend the tax net instead of increasing the rates of taxes and raise massive awareness campaign across the country to inspire the people to pay taxes. Customs has an important role in enhancing internal revenue in this regard. Therefore, custom officials, employees, businessmen, C&F Agent will have to perform their duties with utmost sincerity so that Bangladesh can turn into a developed country by 2041.
We think all the country will pay taxes and then it will be possible for us to build a developed, prosperous and Smart Bangladesh by 2041.