2022-08-07 20:42:24 BdST
NBR supports Made in Bangladesh brand: Chairman
The National Board of Revenue is supporting growth of local industries to promote economic development and create more jobs, said its chairman Abu Hena Md Rahmatul Muneem on Sunday.
He was speaking at a press conference at the NBR Bhaban, to highlight the contribution of the revenue board to the national development.
Through policy measures and tax incentives, NBR is encouraging ‘Made in Bangladesh’ along with the expansion of domestic industries and employment, he said.
This will be continued even if some particular sectors are getting 10 years tax holiday facility, he said.
Now, the revenue board earns 33 per cent of revenue from income tax, 38 per cent from Value Added Tax (VAT), and 28 per cent from import duty excise duty.
“We are planning to extent tax net and VAT collection areas along with monitoring its submission to the treasury,” Muneem said.
The NBR is achieveing 7 per cent growth in revenue collection. The country’s GDP size has become Tk4,449,99 crore in FY2022-23, a rise by 556 per cent compared to Tk 797,538 crore in FY2009-10, he said.
The NBR Chairman said that NBR achieved satisfactory growth in the revenue collection in FY 22, with collection of Tk3.16 lakh crore.
In FY-11 (2010-11) the NBR’s revenue collection was Tk79403 crore which now stands at Tk 3.16 lakh crore. This jump in revenue earning contributed to implementing the annual development program (ADP). At the same time it helped cut dependency on foreign loans, Muneem said.
At present, NBR is supporting 85 per cent of the budget from internal resources. Both the ADP size and foreign dependency on ADP implementation came down over the years as the impact of people's contribution to revenue, he said.
In FY2010-11 the size of ADP was Tk35,880 crore which now climbed to Tk 217175 crore in FY 2021-22. Similarly, the contribution of revenue increased in ADP implementation and the ratio of foreign loans in the ADP implementation decreased, the NBR chief said.
NBR members and senior revenue officials were present at the press conference.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.