DHAKA: Finance Minister AMA Muhith has plans to spread the income tax net over at least half of the population in Bangladesh in the new budget.
He also revealed the government’s plan to promote private sector by cutting import duties.
The minister said spoke at the advisory meeting of the National Board of Revenue (NBR) on the budget for the 2015-2016 fiscal year.
“At least 50 percent of people should come under tax net. We will take necessary measures to make this happen in the next budget,” Muhith said.
Among 1.8 million TIN (Tax Identification Number) holders, only one million people pay tax, according to Muhith.
“Only 11 percent of national income comes from revenue collection. It’s too little. We hope to increase this by three percent in the next four years.”
Muhith said, “We are going to decrease import duty. Therefore, supplementary tax may increase a little bit. The businesspersons should accept this.”
The Federation of Bangladesh Chambers of Commerce and Industry has tabled 142 proposals related to direct tax (income tax), 318 related to indirect tax (import duty) and 127 related to VAT.
FBCCI President Kazi Akram Uddin Ahmed was present.
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