The Financial Express

Finance Minister denies observation of declining revenue collection

Published: February 13, 2020 20:48:05 | Updated: February 14, 2020 10:59:15

Finance Minister denies observation of declining revenue collection

Finance Minister said revenue collection has not dropped in the current fiscal year compared to that of the previous fiscal, amid economists’ observation that revenue collection is declining and the target is unlikely to be achieved.

“Revenue collected so far is Tk 120 billion more than what was collected during the corresponding period in the previous fiscal year,” said AHM Mustafa Kamal on Thursday.

He said this while briefing reporters at the Cabinet Division about the outcomes of the meetings of Cabinet Committee on Economic Affairs and Cabinet Committee on Public Purchase which he presided over, as per a report on UNB agency.

Defending the revenue collection situation, Mustafa Kamal said the target is always set in a bigger manner so that efforts are made to increase the revenue collection from the previous years and the achievement is always lesser than the target. 

He said if the revenue collection is lesser than the previous year, then it will be called a negative growth and when the collection is bigger than the previous year, it will be called a growth.  

“This fiscal year, the revenue collection has been more than that of the last fiscal year so far. So, we cannot say it’s declining,” he told reporters.   

He, however, said, “You should see how the global situation is and then you should say how we’re doing in revenue collection.”

Responding to a question about the draft proposal of Bangladesh Bank for introducing a scrutiny process in appointment of directors, deputy managing directors and managing director in private bank, he said he is yet to see the proposal.

“Such proposals are good. But I have not seen it as yet,” Mustafa Kamal said adding that such proposals will finally come to him and those go to the Cabinet.

“After the Cabinet approval, it’ll be placed as bill before Parliament for approval,” he said.

At present, such a process is followed only in appointments in public banks, not in private ones.

Meanwhile, the Cabinet Committee on Economic Affairs approved five proposals while the Cabinet Committee on Public Purchase seven.

The proposals approved by the purchase body include the import of 180,000 metric tonnes of MOP fertiliser from Russia, appointment of a consulting firm for the Bangladesh Bureau of Statistics for data management improvement, awarding contract for the rehabilitation of Dhaka WASA distribution network and appointment of a consultant for Climate Resilient Local Infrastructure Centre.       

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