The National Board of Revenue (NBR) is on an earnest drive to expand the tax net in the coming days, aiming to improve the tax-GDP ratio, a key figure as it relates to a variety of forthcoming economic matters for the country.
The International Monetary Fund (IMF) has asked to increase the tax-GDP ratio to 7.9 percent by next June - which currently languishes at 7.4 percent. Raising the ratio is related with unlocking the 3rd and 4th tranches of the $4.7 billion loan program Bangladesh entered into with the IMF in 1991.
According to the NBR, some 1.15 crore individuals have taken electronic Taxpayers Identification Number (ETIN), but only 45 lakh have submitted their income tax return, and one third claimed to have zero return.
"We have scope to expand the tax net," NBR chairman Md Abdur Rahman Khan told a recent pre-budget meeting.
Meanwhile, the NBR through its countrywide field level offices has launched a new Spot Assessment programme to increase the tax net.
Spot Assessment is an effective step to provide direct services to all taxpayers who have taxable income and are obliged to file returns. This program is encouraging new taxpayers to pay income tax spontaneously.
Various tax zones of the country have already started this program, which is playing an important role in increasing tax awareness and building a tax paying culture among businessmen, professionals and the general public.
Currently, tax zones have actively started conducting Spot Assessment at district and upazila level of the country.
"We are getting reports regularly regarding the new taxpayers' inclusion and the revenue collection from them," the NBR chairman said.
The NBR urged all business organisations, chambers of commerce, business leaders, local administrations, eminent persons and taxpayers of the country to provide their unwavering support and cooperation to make the ongoing Spot Assessment activity successful. �"UNB
