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In the proposed budget for FY 2024-25, the government has introduced changes to the individual income tax slab to expand the tax network and boost revenue collection. One key change requires businesses to prominently display their income tax return documents. Failure to comply will result in fines ranging from Tk 20,000 to Tk 50,000.
Additionally, proof of income tax return submission is now mandatory for obtaining and renewing licenses for hotels, motels, restaurants, community centres, diagnostic centres, clinics, pathology centres, and convention halls, reports UNB.
The National Board of Revenue (NBR) has been given an ambitious revenue target of Tk 4.8 lakh crore for the upcoming fiscal year, contributing to the total revenue target of Tk 5.41 lakh crore. The remainder will come from non-tax sectors.
To address the budget deficit, the government plans to borrow approximately Tk 2.57 lakh crore from domestic and foreign sources. The NBR's target is Tk 50,000 crore more than the previous fiscal year's target and Tk 70,000 crore higher than the revised target.
For the 2023-24 fiscal year, the NBR was initially assigned a revenue target of Tk 4.30 lakh crore, later reduced to Tk 4.1 lakh crore under pressure. Despite this reduction, the NBR is still struggling to meet the collection target.
