Business news - NBR shy of 7-month target

The National Board of Revenue logged Tk 69,465 crore in the first seven months of this fiscal year, falling 3.28 percent short of the target for the period.

The revenue target for July-January of fiscal 2014-15 was Tk 71,825 crore, while it is Tk 149,720 crore for the entire year.

The NBR is hopeful about reaching the yearly target, despite the shortfall in the first seven months. The national tax collector meets 83 percent of the country's total budget.

“It's a slight fall from the target, and many are assuming that we cannot achieve the revenue target. But we are hopeful that we will achieve the target,” Nojibur Rahman, NBR chairman, said at the monthly press briefing at its headquarters in Dhaka yesterday.

They are planning to hold income tax fairs at the upazila level to create awareness on tax payment and boost revenue collection, he added. “The Dhaka Chamber of Commerce and Industry will help us organise the event.”

The tax authority has also decided to prepare a tax rebate guideline on philanthropic activities, in consultation with ministries, non-government organisations (NGOs) and other stakeholders.

“We took the decision after giving tax rebate on a donation to Hope Worldwide Bangladesh,” he said, adding that the tax rebate guideline will encourage donor agencies and foreign NGOs to spend more on philanthropic activities in Bangladesh and also protect the misuse of donations.

The NBR also decided to give a tax rebate facility to the listed war-maimed freedom fighters for their car registration or fitness renewal.

Referring to tax related cases where around Tk 26,000 crore in taxes are stuck, the NBR chief said steps have been initiated to put the cases involving less than Tk 1 crore each on the cause list within March 15.

“We will also meet with the chief justice and attorney general to speed up the trial of tax related cases.”

The NBR is also planning to set up its own building in the city's Agargaon area. “It will be a 40-storey building and the tallest building in the country,” the chairman of the tax administrator said.