NBR chairman attaches importance to increasing the tax rate
File photo
DHAKA, August 18, 2024 (BSS) – Newly appointed National Board of Revenue (NBR)
Chairman Md Abdur Rahman Khan today focused on increasing tax on GDP
ratio to ensure healthy macroeconomic development in the country in the future.
“Our tax rate is very low, currently at only 7.3 percent (per percent).
In India it is 12 percent, in Nepal 17.5 percent, in Bhutan 12.3 percent and
7.5% in Pakistan. We need to focus on this issue and reduce our tax
collection,” he said.
The NBR Chairman said this at his first meeting with the NBR leaders.
ups in his office at the NBR Bhaban here in the capital Sher-e-Bangla
Nagar.
The budget is drawn up on the basis of revenue, he said.
and added: “The budget set the revenue target for the NBR
very high, which was not done professionally.”
As a result, said Rahman, the government has formulated a deficit budget
for a long time and the importance of deficit budget is increased national
debt. “We need to generate enough revenue to pay off the national debt
must not rise any further,” he continued.
In this context, the NBR Chairman mentioned that the government
67 percent of revenues come from indirect taxes. “We need to focus more on
Improving direct tax collection within the framework of tax collection.
fundamentally require competence and intensive hard work,” he added.
Abdur Rahman also said that the tax net cannot be expanded to a large extent.
but the network that was enlarged was only possible by imposing some constraints in the
laws. “Only 5.2 percent of the country’s total population is under
the registration of taxpayers, while in India it is 23.08 percent. We must
improve our awareness in this regard,” he added.
The Chairman of the Revenue Board said that the NBR will form three task forces
very quickly to the amendment of the Customs Act, the Income Tax Act and the Value Added Tax Act. He
opted for a business-friendly tax administration that is also very
urgently needed.
“To attract foreign direct investment (FDI), we need to have an FDI
supportive tax system. We need foreign direct investment because we want this country to become a
Industrial aspect.” In this context, he said that political consistency is very
important.
“You cannot deviate from your policy because the foreign investors are
Target for a hundred years after analyzing tax policy. If you change
Their policies often, then their FDI will be ruined and it has happened
earlier,” he said.
The NBR chairman also called on the relevant officials to
Service. “Comprehensive automation must be stopped because it will
effective and sustainable,” he said.
He mentioned that the NBR has its rules and regulations and there is no room for maneuver
to go beyond that. “Follow your rules and regulations without deviation,
Otherwise, you will face punishment,” he warned the NBR officials.
He said the revolution that recently took place in the country in exchange for
so many lives must not have been in vain and there must be no deviation. “I want
to make it clear that I have no interest in living like a cockroach, I
want to live like dinosaurs.”
Regarding the sales target, the NBR Chairman said that the NBR
contribute to the achievement of the sales target through due diligence and
proper planning with intense hard work.
When asked about the provision for undisclosed funds in the budget, Rahman said:
Personally, he considers it a
indecent act and totally unacceptable. “Whitening of black money … My
My personal opinion, not that of the NBR chairman, is that this is indeed a
indecent act and totally unacceptable. With this amnesty we admit
that there is corruption and we have to
taxpayers,” he said.
When he spoke about the removal of the amnesty from the current budget for fiscal year 2025,
mentioned that he couldn’t say anything about it at the moment.
“As a citizen, I can say that this is not good practice and should not be.
never done that. We have done it many times, but the results were not good.
everything,” he said.
The Finance Act 2024 will provide scope for the clearing of undisclosed money that
commonly known as black money, was collected by paying a tax of 15 percent.
