The National Board of Revenue (NBR) would give priority to local industries in the upcoming budget for next fiscal year (FY2021-22), aiming to boost domestic production and reduce import dependence, the NBR chairman said on Thursday.
The revenue board is working on identifying the areas that need support to strengthen the industries and economy, Abu Hena Md Rahmatul Muneem told a virtual pre-budget meeting with the Economic Reporters Forum (ERF).
He said the NBR was also working on expanding the tax net by collecting information from secondary sources.
"We've already signed memorandum of understandings (MoUs) with the city corporations and Bangladesh Road Transport Authority (BRTA) to get data of the owners of house properties and cars," he added.
The NBR would also integrate with some other organisations soon and the outcome of the drive would be visible in the next FY, said Mr. Muneem.
ERF president Sharmeen Rinvy proposed to revise up the tax exemption limit for the individual taxpayers as the income of common people declined due to the Covid-19 pandemic.
She also proposed to impart training for the tax officials to combat money laundering, cut rate of corporate tax and bring all house property owners under the tax net.
ERF general secretary SM Rashidul Islam said the revenue board should prepare itself to face the challenges of graduation from Least Developed Country (LDC) through reducing dependence on import tariff.
He said the country might have to sign Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) with other countries to stay competitive in the export trade.
He also proposed improving the existing tax service centres and upgrade the NBR website.
Other proposals of ERF included strengthening information collection system from secondary sources instead of visiting door to door for indentifying new taxpayers, forming public-private committee to resolve problems relating to implementation of the fiscal measures, holding a quarterly meeting with stakeholders to discuss tax-related problems, tracking down expenditure to find out tax evaders and allowing only the legally earned income to whiten the money by paying higher tax and penalty.
