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New laws to be framed to put revenue administration on firm footing |
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February 18, 2001
Dhaka-- (UNB)- Finance Minister Shah AMS Kibria yesterday asked the revenue officials to identify and overcome weaknesses in the revenue administration to achieve the year’s collection target. New laws, if required, will have to be framed to put the revenue administration on a firm footing and bring dynamism in the whole machinery, Kibria said inaugurating a two-day workshop on “Bringing more dynamism in revenue administration” at the NBR headquarters at Segun Bagicha. While praising the NBR officials for 22 percent growth in revenue collection in July-January period of the current fiscal year he said achieving the target would help them build a positive public image. Comptroller and Auditor General Syed Yusuf Hossain, Bangladesh Bank Governor Dr Mohammad Farashuddin, Finance Secretary Dr Akbar Ali Khan, NBR Chairman Zakir Ahmed Khan and NBR member (Customs) Mobarak Ali Molla also spoke at the function attended by senior revenue officials. GDP-tax ratio in Bangladesh is one of the lowest in Bangladesh even in South Asian context. “We’ve a lot to do to improve the situation,” Kibria said stressing the need for strict enforcement of laws and the use of computer technology to check tax evasion. He pointed to the flaws and stagnation in the collection of VAT, which he noted, was insufficient compared to increased growth in production. Kibria asked the NBR authorities to remove the existing loopholes in the pre-shipment inspection (PSI) system, introduced to check corruption in import revenue. The central bank Governor said the success achieved in the banking system also reflected the revenue performance. The socio-economic development largely depends on the success of the NBR, he added. Finance Secretary suggested rigorous training and research to update the revenue system so that it can cope with the changes in the global trade scenario. He called for close coordination among departments of VAT, Customs and Tax and smooth interaction among them to make the system more effective. The NBR Chairman said steps have already been taken to ensure transparency and accountability in the administration and make it people-oriented. |