Revenue target slashed by 8 pc this fiscal: NBR


The National Board of Revenue (NBR) Chairman Md Ghulam Hussain said, the government has slashed revenue target by 8.08 per cent i.e.Tk 11,000 crore for the fiscal year (FY) 2013-14.
He said it while talking to journalists at a special press briefing held in the conference room of ACC at Segunbagicha in the city on Thursday.
The revised revenue target is now Tk 1,25,000 crore, down from Tk 1,36,000 crore.
The decision has been taken after political mayhem centering the national parliamentary polls held on January 5, the chairman said.
The NBR has so far collected Tk 1,21,000 crore as revenue till January, short of target by Tk 4,000 crore, he said, assuring that the target would be met by year-end.
Md Ghulam Hussain, who is also the Secretary of Internal Resources Division under Finance Ministry, said that the NBR would reduce corporate tax and increase on tobacco related products in the next fiscal year.
The corporate tax, which is now 37.5 per cent, will come down to 25 per cent.
He said, the corporate tax in other countries is of lesser amount than in our country. The directive of the finance minister will follow in this connection.
The chairman said, the additional earnings from the tobacco related products will be used for the treatment of the cancer patients and charitable organisations”, he said.
Before doing such, NBR will hold discussion with different stakeholders, merchant samities, businessmen, NGOs and others. “The next budget will be ‘poor-friendly’ as the rich will pay more tax and the poor will pay less.
It should be mentioned that the bank accounts of Sheikh Hasina and Khaleda Zia were seized during the last caretaker government. After Hasina drew the attention of the NBR in writings, her account was made operative. The similar procedure will follow in case of Begum Khaleda Zia applies”, he said.
To another query, how NBR would fill the gap to be created by the reduction of corporate tax, he said that the volume of tax collection would be increased.
Admitting the practice of corruption by NBR’s officials, the chairman said, the revenue collection faces somewhat complexity for such malpractice.
When asked whether NBR has any plan to take action against the MPs and ministers who evaded tax, he said, it has such a plan.