Monday, 6 December, 2021

Kamal stresses boosting revenue collection

  • Staff Correspondent
  • 25 November, 2021 12:00 AM
  • Print news
Kamal stresses boosting revenue collection

Finance Minister AHM Mustafa Kamal has stressed on increasing domestic revenue collection to continue the country’s development journey.

“Our revenue ratio is still low compared to those of neighbouring countries and many of our competitors. We’ve to work in the area,” Kamal said while addressing the tax card, crest and certificate

giving function 2021 held at the Officer's Club in the capital on Wednesday.

He claimed that a taxpayer-friendly environment has been created in the country at present for which the number of taxpayers is also on the rise. “It is heartening to see that taxpaying is increasing among people.”

It has reflections in more than seven times increase in NBR revenues to over Tk 2,590 billion in FY21 from only Tk 340 billion in FY06, he said.

In last 12 years, income tax collection soared by 12 times to Tk 850 billion from Tk 70 billion, he also informed.

The finance minster urged all to contribute to nation building from their respective positions and thus turn the country as "Sonar Bangla" as dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

  "We're now celebrating the Golden Jubilee of country's independence and the birth centenary of Father of the Nation. Let us pledge to contribute from whatever we have to nation building and thus turn the country as 'Sonar

Bangla'. It's my firm believe that you'll be able to do it," he said.

Presided over by the National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin spoke on the occasion as the special guest.

  At the function, the NBR handed over tax cards, crests and certificates to some 141 top taxpayers, including 75 individuals, for the payment of the highest amount of taxes to the state coffer for the year of 2020-21.

   Besides, the highest taxpayers of Dhaka City Corporation and the eight districts of Dhaka Division also received tax cards, crests and certificates.

NBR Chairman Abu Hena Md Rahmatul Muneem said that the government unleashes various socio-economic developments with the taxpayers' money like Padma Bridge, other large-scale infrastructures, and thus improve the living standards of people.

  He said if more eligible individual taxpayers could be brought under the tax net; there would be more revenue generation. FBCCI President Md Jashim Uddin said that such kind of recognition by the NBR would encourage more the taxpayers in paying tax.

He, however, sought kind attention of the Finance Minister so that the tax card holders and the CIPs get due facilities and privileges from the government on time.

The chief of the country's apex trade body also demanded of the government to withdraw the Advance Income tax, making a transparent and accountable tax administration, reducing hassles at the field-level tax offices, and thus bringing the new taxpayers under the tax net through motivating them.

Among the recipients, Kaus Mia, a businessman from Old Dhaka and a nonagenarian well-known for Hakimpuri Zarda, atop the 60 lakh registered taxpayers in the country.

He has been paying tax since 1958, and the NBR has crowned him with 15 awards over the years, including the recognition as the best taxpayer in the Mujib Borsho. His family was recognized as Kar Bahadur Paribar, or Tax Icon family, in 2016-17.

Golam Dastagir Gazi, textiles and jute minister, late Latifur Rahman, founder of Transcom Group, and Md Nazrul Islam Mazumder, chairman of Exim Bank, are among the top taxpayers who have retained their positions.