Finance Minister AMA Muhith on Monday said the government has set a target to increase revenue income by five percent in next five years.
“The revenue income has increased by only three percent during 1983-2009. We’ve increased revenue income by three percent in last five years,” he told a function at Pan Pacific Sonargaon Hotel in the capital yesterday afternoon.
The National Board of Revenue (NBR) organized the function to distribute tax cards and confer awards among the top and long-term taxpayers.
Speaking as the chief guest, Muhith said the country's revenue mostly comes from income tax.
“One day, tariff may disappear due to introduction of free trade worldwide. Then the income tax and value added tax (VAT) will be the only sources of the government's revenue income,” he said, adding that user tax may be another source of revenue income. About complications of tax collection, the finance minister said harassment in tax collection and dread in paying tax still exist in the country. “We are trying to reduce the existing problems.”
He, however, said that despite the problems, the government was able to collect a huge amount of revenue in last five years.
Muhith said that considering the volume of national income, the country's income tax collection is very low in the South Asia region.
He asked the NBR to ensure client-friendly atmosphere and motivate people to pay tax aiming to increase income tax collection.
The NBR distributed 10 tax cards among top individual taxpayers in fiscal 2013-14 while 10 tax cards to the top taxpaying companies.
Another 20 individual and companies also received tax cards for paying highest tax in 2012-13 fiscal. District level highest and long-term taxpayers were also awarded on the occasion.
NBR chairman Golam Hossain and FBCCI president Kazi Akram Uddin Ahmed also spoke at the function.
Govt to increase revenue income by 5% in next 5 yrs: Muhith