The National Board of Revenue (NBR) has prepared a list of 50 highest taxpayers in its each tax zone and deeply monitor whether they properly paid taxes or not.
“We have already started the process,” a senior NBR official told UNB. Dhaka, UNB news agency reported.
There are now 31 tax zones across the country with 649 circle offices. And if each circle office prepares 50 names, the number will go up to 32,450.
“The aim of this process is to improve the tax collection scenario by bringing an end to the tax evasion culture in the country,” he said.
The NBR Official said each circle office has sent its list to the commissioner’s office containing the information of the tax collection of the 50 highest taxpayers.
The commissioners have sent the list of the big taxpayers under their jurisdiction in the prescribed form to the NBR members and they will monitor the matter.
He said the tax administration has taken the decision as it has got a huge revenue collection target for the 2015-16 fiscal budget.
The NBR got a gigantic target of Tk 176,370 crore for the 2015-16 fiscal against Tk 135,028 that it collected in the last fiscal.
As things are planned, an amount of Tk 64,971 crore will come from income tax, Tk 64,262 crore from VAT and Tk 18,752 from import duty.
The target for export duty has been fixed at Tk 37 crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875 crore.
“Many of the taxpayers hardly show their actual income to the NBR and thus evade tax. But due to the manpower shortage, the Income Tax Wing of the NBR often fails to monitor the income tax returns of these taxpayers,” the NBR official said.
He also mentioned that the preparation of the 50 big taxpayers’ names from each circle is part of their efforts to check tax evasion by these taxpayers.
“With these lists, we’ll be able to monitor some of the taxpayers over their income tax payment from time to time which will ultimately help us streamline the whole system,” he said.
According to official data, the number of TIN or e-TIN holders in the country is 18,61,682. Of them 17,76,401 are individual taxpayers.In the fiscal year 2014-15, some 10,40,354 people submitted their income tax returns while the number of companies submitted tax returns is 23,011.