2024-02-14 04:45:45
The revenue deficit in the last six months is Tk 23 thousand crores. In this situation, the National Board of Revenue (NBR) is going to take the initiative to bring the new individual companies under the tax to increase the revenue. According to related sources, NBR is going to take this initiative as the revenue collection is less as per the target.
According to sources, due to the decrease in imports, the organization will take initiatives to increase the collection of duties from this sector. For this purpose, efforts are being made to bring possible new individuals and organizations under income tax. NBR has expressed optimism that the number of income tax return filers will exceed 40 lakhs by next June. In the meantime, the number of TIN holders has reached the milestone of one crore this February.
In the first six months (July-December) of the current fiscal year (2023-2024), the revenue deficit stood at 23 thousand 227 crore 19 lakh taka. In December, the deficit is 6,782,210,000 taka. Earlier, the revenue deficit in July-November was Tk 16 thousand 459 crore. As a result, the deficit has increased by 6 thousand 768 crores within a month.
According to the data of NBR, the amount of revenue deficit at the level of import and export is 8 thousand 563 crore 47 lakh taka. At the same time, there has been a shortfall in Value Added Tax (Musak) or VAT of Tk 6,700,740,000. And the amount of deficit in income tax sector is 8 thousand 592 crore 98 lakh taka. Besides, the target of revenue collection in the current financial year has been set at 430 thousand crores. In six months, against the target of 1 lakh 88 thousand 756 crore taka, the revenue accumulated in the government’s account is 1 lakh 65 thousand 629 crore 75 lakh taka, that is, 23 thousand 227 crore taka less than the target.
According to the data, in 2013, there were 16 lakh TIN holders in the country. Accordingly, the number of TIN holders has increased more than six times in a decade. Of these, around one and a half lakh companies and firms, the rest are individuals or have Tax Identification Number or TIN holders.
It is reported that currently the rate of TIN collection and return submission has increased. An average of 10,000 TINs are being taken every day. Explaining the reason for this, an official of NBR told the media that many people are forced to take TIN as NBR has made Proof of Submission of Return (PSR) mandatory for availing 43 services. Because returns cannot be submitted or proved without TIN. That is why TIN holders are increasing, return submission is also increasing.
However, as per the current provisions of NBR, almost all TIN holders are required to submit tax returns. But according to NBR’s calculations, return submissions till last week were as high as 3.6 lakh; In other words, almost two-thirds of TIN holders do not submit returns or report their income and expenses to the government.
Meanwhile, NBR chairman Abu Hena said in an event at the capital’s Agargaon revenue building on February 5. Rahmatul Munim said that the return deposit will reach 40 lakhs by next June.
He said the number of tax return submissions in 2020 was 21 lakh, which is going to increase to 40 lakh in 2024 (by next June); That is, the deposit of returns will double in four years.