Economists suggest tripling of revenue earning target

The Bangladesh Economic Association (BEA) has suggested the tripling of the revenue target to Tk 6.38 trillion in the new budget by widening the tax net.

The Chittagong chapter of the forum of economists made the suggestion at a press conference in the Chittagong Press Club on Tuesday.
 
Chapter General Secretary AKM Ismail said many areas of the service sector had not been brought under tax net in the budget for the current FY.
 
He said the revenue earning would increase substantially from the current FY’s Tk 2.08 trillion if the tax net was extended to new fields.
 
Ismail said beauty parlours, salons, restaurants and private hospitals collected money by way of VAT but they did not deposit it in the national exchequer.
 
“Many foreigners working in Bangladesh earn money but don’t pay taxes. Corporate entities also evade taxes,” he added.
 
The economist stressed greater vigilance and the need to cut corruption among tax-collecting agencies.
 
He said the government needed to increase earnings and, thus, reduce dependence on foreign aid.
 
BEA Chittagong chapter president Jyoti Prokash Datta alleged that the Jamaat-e-Islami was fuelling militancy by using its ‘over a hundred financial institutions’.