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Bangladesh Beats Revenue Targets

Mary Swire,, Hong Kong

02 December 2010

The Bangladesh National Board of Revenue (NBR) has predicted that its target for revenue collection for this year will be beaten despite any political instability. Tax collection has achieved 9% growth over its target set for the July-October period this year.

Value-added tax (VAT) grew by 31%, income tax by 29% and customs by 19%. The board has collected BDT212bn (USD3bn) in tax against its target of BDT194bn for the July-October period.

Dr Nasiruddin Ahmed, NBR chairman, said that budgetary measures and compliance efforts had helped tax collectors boost revenue collection.

Dr Ahmed also said that the commerce ministry is dealing with the issue of transit fees, and that a new transit policy with a transit fee should be formulated shortly. The existing river protocol would be followed to provide transit facilities to India.

The Board is planning a recruitment drive in the near future, which will include VAT officials and customs inspectors. Other initiatives will be spot tax checks, and new income tax laws focusing on online tax return filing and revised tax incentives and concessions. The Board recognizes that at the moment these incentives are enormous, and it plans to either revise or cut them considerably. Current loopholes in the law will be identified and rectified.

It was announced in September that Bangladesh was to receive a total of more than USD25m in financial assistance from the Asian Development Bank (ADB) to help make the delivery of public services, including the administration of taxes, more efficient and transparent.

Using state of the art information and communications technology, the ADB funds would aid a USD30m project for the introduction of online filing of tax returns, digitization of land records management in selected districts, and establishment of 40 specialized tax and land information and service centres for easy access to information.

TAGS: tax | India | tax incentives | law | budget | fees | withholding tax | Bangladesh | trade

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