The Daily star Editorial : 01-06-16
প্রথমে শব্দার্থগুলো পড়ে নিন
Revenue:রাজস্ব (the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses)
Anticipated:প্রত্যাশিত (Expected, hoped)
Think tank : কোন নির্দিষ্ট বিষয়ের নতুন ধারণা কিংবা উপদেশ প্রদান করে এমন সংস্থা ( an organization that consists of a group of people who think of new ideas on a particular subject or who give advice about what should be done)
Perplexing:হতবুদ্ধিকর, জটিল (Complex, intricate)
Ambitious:উচ্চাভিলাষী, উচ্চাকাঙ্ক্ষী (Aspirant, Strongly desirous)
Take Into Account:বিবেচনা করা(Consider, regard)
Incentive:প্রণোদক, উৎসাহদায়ক (Incitement, Persuasion, Something that motivates)
Eat away : ক্রমান্বয়ে ক্ষয় হওয়া (Gradually erode)
Apprehensive:উদ্বিগ্ন, শঙ্কিত (Appal, agitated)
Exempted: নিষ্কৃতিপ্রাপ্ত (Freed)
Immensely:অত্যন্ত(Hugely, extremely, vastly)
Revenue collection shortfall anticipated
Reforms needed urgently
It is hardly surprising that a premier think tank in the country has once again calculated that the government in all probability will miss its tax collection target. The analysis is based on the performance of the preceding three years where the National Board of Revenue (NBR) failed to reach revenue targets, and there are valid reasons for the shortfall. This year’s revenue collection has been set at 35 percent above the revised target and stands at Tk203,150 crore for FYI 2016-17.
What is perplexing is how such an ambitious target has been set in the first place. More so, since NBR collected 90 percent of the target in 2014-2015, and there are many factors that can hinder tax collection. When we take into account the fact that this year’s budget is considered by some as very ambitious and that a number of incentives such as lower corporate income tax, reduction in custom and supplementary duties and the fixation of 0.6 percent tax at source for apparel (as opposed to the proposed 1 percent) – will all eat away at revenue collection, we are apprehensive that the target will not be met.
Perhaps the upcoming flat rate VAT at 15 percent on more than 1,900 tax-exempted products that will come under the law is expected to greatly help with revenue generation. However, without urgent reforms that allow tax payers to file returns and pay taxes online seamlessly, and expanding the tax base, it may be immensely difficult to meet the revenue target. These are the areas that require urgent government intervention. Otherwise, we may once again witness a revision of the budget half way through implementation.