CPD acts on assumption, says Finance Minister

CPD acts on assumption, says Finance Minister
Expressing his reaction over the comments from CPD on the country’s GDP growth,  Finance Minister AHM Mustafa Kamal on Monday said the CPD actually acts on assumption, however the Bangladesh Bureau of Statistics (BBS) handles data and information. 

“So, you can tell what extent their (CPD’s) words could be acceptable. The CPD collects raw materials and export those and this is their easy business," he said .

The Finance Minister was briefing reporters almost after holding a virtual meeting with the top tax department officials of the National Board of Revenue (NBR).

NBR Chairman Abu Hena Md Rahmatul Muneem and other high officials joined the meeting, reports BSS.

Mentioning that the Novel Coronavirus (COVID-19) has impacted the country’s economy just like the other countries,  the minister said that the National Board of Revenue (NBR) wouldn't normally fail in earnings collection if the other economical parameters remain well.

“The entire world is being afflicted due to the COVID-19 pandemic and we’re also influenced aswell. We’re attempting to overcome the shock and keep maintaining the earnings collection. We won’t fail in earnings collection if other monetary parameters remain well,” he said.

Discussing the positive trend in export earnings in July and also in the first 15 days of August alongside a sound inward remittance flow, Kamal said if the various economic indicators continue steadily to fare better, then your revenue collection increase.

Noting that the federal government has taken all-out measures to increase the earnings collection, he informed that new tax officials would be recruited while their efficiency will be enhanced.

“We’re trying to motivate the eligible people in order that they pay tax,” he said adding that there was 14 to 15 percent growth in earnings collection typically over the last 10 years.

Reiterating his vow to launch tax offices atlanta divorce attorneys upazila, Kamal said he has recently asked the NBR Chairman to frame a project in this regard.

The Finance Minister said if such offices are create at the upazila level, then these offices would become profit making institutions while the common persons would feel motivated to pay taxes.

“I think we’ll have the ability to attain the earnings collection target and we’ll bring all of the eligible persons under the tax net,” he said adding that the amount of taxpayers would increase in the coming days due to various reforms by the federal government like simplification of the tax return forms.

Answering to a question, Kamal said that the earnings collection is still not up to the expected level as several eligible persons usually do not pay tax. “But, we’re increasing our efficiency and putting emphasis on automation. When there is full automation, then none will be able to evade tax,” he added.

Replying to some other question, he said in line with the estimation of the many international agencies, around 4 crore persons in the country are actually in the middle income bracket, but only 22 lakh people submit their taxation statements in the country.

“We’ll need to identify the brand new taxpayers, motivate them and so bring them under the tax net. Otherwise, the earnings board must go tough in income collection,” he said.

The Finance Minister also noted that anyone can perceive the true scenario of Bangladesh through looking at the mills, factories, businesses, rural economy and infrastructures, road infrastructures, and also at the resources of rivers, canals and beels.

He said that the FY 19 was a strong and sound year for the united states on financial aspects with a revenue collection of around taka 2.23 lakh crore, however the earnings collection was reduced by around Taka 5,000 crore within the last fiscal year (FY20) as a result of impact of COVID-19.

“If we'd said that we’ve attained our targeted 8.2% GDP growth in last fiscal (FY20), they (CPD) could say something. But, we’ve downsized our GDP growth at 5.24% in last fiscal,” Kamal said.

The Finance Minister also thanked the NBR officials and employees for continuing their businesses despite an abnormal situation due to COVID-19.

NBR Chairman Abu Hena Md Rahmatul Muneem said they are focused on show results because they are working on various reforms. 
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