NBR trying to hit revenue target

Introducing digitalization, ensuring accountability in VAT collection and hassle free tax payment are being taken into consideration while formulating action plan to achieve the revenue target for the FY23, says NBR Chairman Abu Hena Md Rahmatul Muneem.

The revenue boss said the revenue officials were trying hard to minimize the gap between revenue target and actual revenue while hitting the revenue milestone.

Moving towards the high growth in a single financial year is still challenging, he said.

Muneem made the remarks while presiding over the 18th EFDMS Lottery Draw in the conference room of National Board of Revenue.

“We have introduced accountability in collecting retail VAT for a long time while generating invoice is still challenging as the number of retail sellers is huge and there is no way to observe them physically every single moment,” he added.

“We have also reduced VAT rate in different stages over the last three years so that consumers do not feel it a burden for them. Now people have to take their responsibility to pay VAT and receive the invoice,” he said.

He stressed proper planning to include tax outsiders as there are lots of untouched scopes till today.

He adds that an increasing capability of human resources, knowledge development, IT-based solution are key concern to make tax system easier, accessible and beneficial.

The Chairman said, “We have introduced Electronic Fiscal Device Management System (EFDMS) for the consumer and sellers to ensure accountability while 7590 EFDMSs have been set in five commissionerates in Dhaka and Chattogram till June 30.”

“At the same we included some policies in compliance issues. Taxpayer Identification Number is gradually increasing but not the submission simultaneously,” he observed.

He focused on automation instead of physical examination and urged the consumers to rely on EFD while receiving their invoices. The machine plays a pivotal role in enhancing revenue.

The revenue would be increased in the current fiscal year as the industrial growth and production are assumed to be increased. He elaborated the higher target revenue growth for the FY23.

As of May of 2021-22, NBR collected Tk252,920 crore, securing 15 per cent year-on-year growth and touched 76 per cent of its Tk330,000 crore revenue generation target in the last fiscal year, seeming it is going to miss the full-year goal.

NBR announces 101 winners from EFD lottery every month with Tk1 lakh for the first prize to encourage people to ask salesmen for machine-generated receipts to ensure the actual amount of VAT.