FE Report (February 01, 2011)
The National Board of Revenue (NBR) Monday said its revenue earning would not be affected due to the recent stock market crash.
The board has also blamed the big players for share market scam saying that individual investors constitute a small portion of the market.
Our revenue earning target from the stock market for the current fiscal was originally based on a daily turnover of Tk 15 billion. The daily turnover has now dropped to Tk 10 billion, which had earlier soared to Tk 30 billion. So, we are optimistic to meet the target on an average," said Aminur Rahman, income tax policy member of the board.
Basir Uddin Ahmed, tax administration and monitoring member, said: "Share market is not an economic indicator. Revenue earning depends on export diversification and domestic production."
The NBR members said these while responding to a query from newsmen at a press briefing on NBR premises in the city.
"Tax measures had nothing to do with the recent developments in the share market," said NBR chairman Dr Nasiruddin Ahmed.
About imposition of gain tax on individual investors, the NBR chief said: "We will think about it later. But we will have to be cautious before taking any step for the sake of the growth of the capital market."
Aminur Rahman said around 65 per cent investors are institutional while 35 per cent are individuals. He also said institutional investors might be responsible for share market scam, not individuals.
Basiruddin Ahmed said the NBR always sets target considering the risk factor, if any sector collapses it would meet revenue earning target from other sector.
NBR chairman briefed newsmen on the revenue earning of the Board in the first half of the current fiscal. Revenue earning posted 109 per cent growth over the target and 27 per cent growth over the corresponding period last year.
"Income tax achieved the highest growth of about 34 per cent. It is a record since independence of the country," the NBR chief said.
He expressed optimism over surpassing the revenue earning target set for the current fiscal.
In the July-December period, VAT collection posted 30 per cent growth while customs (export and import) 20 per cent over those of the corresponding period.
Customs member Hossain Ahmed said: "The customs duty collection turns higher due to increased import of raw materials and capital machinery."
On upward trend in revenue earning amid sluggish economic situation, NBR members listed increased efforts, field-level visits, motivational campaigns and intensified monitoring for the success.
On two draft laws for direct tax and VAT, the NBR has sought opinion from experts to improve those laws.
Aminul Karim, income tax member (tax exemption), said the board has now taken a strict position on offering new tax exemptions.
Farid Uddin, member VAT and customs administration, said the NBR is going to introduce ADR within a short period.
"We have observed the best practice of ADR in South Africa recently. Around 80 per cent of the cases are being solved with the ADR," he said.
The National Board of Revenue (NBR) Monday said its revenue earning would not be affected due to the recent stock market crash.
The board has also blamed the big players for share market scam saying that individual investors constitute a small portion of the market.
Our revenue earning target from the stock market for the current fiscal was originally based on a daily turnover of Tk 15 billion. The daily turnover has now dropped to Tk 10 billion, which had earlier soared to Tk 30 billion. So, we are optimistic to meet the target on an average," said Aminur Rahman, income tax policy member of the board.
Basir Uddin Ahmed, tax administration and monitoring member, said: "Share market is not an economic indicator. Revenue earning depends on export diversification and domestic production."
The NBR members said these while responding to a query from newsmen at a press briefing on NBR premises in the city.
"Tax measures had nothing to do with the recent developments in the share market," said NBR chairman Dr Nasiruddin Ahmed.
About imposition of gain tax on individual investors, the NBR chief said: "We will think about it later. But we will have to be cautious before taking any step for the sake of the growth of the capital market."
Aminur Rahman said around 65 per cent investors are institutional while 35 per cent are individuals. He also said institutional investors might be responsible for share market scam, not individuals.
Basiruddin Ahmed said the NBR always sets target considering the risk factor, if any sector collapses it would meet revenue earning target from other sector.
NBR chairman briefed newsmen on the revenue earning of the Board in the first half of the current fiscal. Revenue earning posted 109 per cent growth over the target and 27 per cent growth over the corresponding period last year.
"Income tax achieved the highest growth of about 34 per cent. It is a record since independence of the country," the NBR chief said.
He expressed optimism over surpassing the revenue earning target set for the current fiscal.
In the July-December period, VAT collection posted 30 per cent growth while customs (export and import) 20 per cent over those of the corresponding period.
Customs member Hossain Ahmed said: "The customs duty collection turns higher due to increased import of raw materials and capital machinery."
On upward trend in revenue earning amid sluggish economic situation, NBR members listed increased efforts, field-level visits, motivational campaigns and intensified monitoring for the success.
On two draft laws for direct tax and VAT, the NBR has sought opinion from experts to improve those laws.
Aminul Karim, income tax member (tax exemption), said the board has now taken a strict position on offering new tax exemptions.
Farid Uddin, member VAT and customs administration, said the NBR is going to introduce ADR within a short period.
"We have observed the best practice of ADR in South Africa recently. Around 80 per cent of the cases are being solved with the ADR," he said.
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