Revenue collection witnesses 15.16pc growth in six years

Published: November 28, 2018 16:13:25 | Updated: November 29, 2018 10:06:59


The National Board of Revenue (NBR) has seen a significant growth in its revenue collection in the last six years resulting in helping the government take some mega projects like Padma Bridge one with its own funding.

The revenue collection in the last six years witnessed 15.16 per cent growth on average.

In 2012-13 fiscal year, the revenue collection was Tk 1.0915173 trillion, posting a 14.83 per cent while the collection was Tk 2.06000 trillion in the last 2017-18 fiscal year that showed a massive 19.50 per cent growth.

The collection was Tk 1.2081985 trillion in 2013-14 fiscal that means the growth was 10.69 per cent. In 2014-15 fiscal year, the collection was Tk 1.35700 trillion showing a 12.32 per cent growth while it was 1.5551872 trillion with a 14.60 per cent growth.

The revenue collection saw a considerable jump in the 2016-17 fiscal year when the NBR collected Tk 1.8500369 trillion with an 8.96 per cent growth.

Last year, the revenue collection from import-export was 28.66 per cent, while 36.07 per cent was from VAT and 35.27 per cent from income tax, reports UNB.

According to sources at the NBR, the government has been successful to some extent in its plan to boost the revenue collection from internal sources while reducing dependence on foreign aid or loan or grant.

"As a result, it has been able to implement the mega project the Padma Bridge one with its own fund," an NBR official said, reports UNB.

He said the government has been able to expand the size of its budget due to the steady growth in revenue collection. Various types of innovative ideas of the NBR are behind the success of the persistent revenue growth, he added.

Income tax fair, tax survey and simplification of the income tax return and VAT payment, introduction of ASYCUDA World and ASYCUDA++ for customs helped the NBR achieve the success, the official mentioned.

According to him, the number of taxpayers marked a sharp rise during the period as the electronic Tax Identification Numbers (e-TINs) crossed 3.6 million.

The NBR high official said a pro-revenue culture is being created in the country due to various types of initiatives taken by the revenue authority, including advancing the automation, giving tax and VAT card.

"As a result, the number of taxpayers has increased along with the revenue collection," he said.

The official mentioned that the government has been able to remove the fear from taxpayers' minds in the last 10 years through building awareness.

While speaking at the inaugural programme of weeklong Income Tax Fair at Officers' Club here on Tuesday, the Finance Minister recalled that once people had showed reluctance about paying taxes as they used to think that they would be in trouble for life if they pay taxes.

"Such attitude doesn't exist today, I think," he said adding that many youths pay taxes willingly these days. "This is a very significant development for the whole nation," he said.

 

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