BEA finds three ways to boost revenue

The Bangladesh Economic Association or BEA has recommended increasing revenue collections in three ways — by preventing money laundering, recovering black money and levying wealth tax.

The National Board of Revenue can collect an additional Tk 960 billion revenue in these ways, BEA President Abul Barkat said on Saturday while unveiling an alternative budget of Tk 12 trillion for fiscal 2019-20, which is double than the finance minister signalled.

“And with this money, three Padma bridges can be built every year," he said.

Finance Minister AHM Mustafa Kamal is expected to place the proposed budget in parliament for the next fiscal year on June 13. He earlier hinted that the size of the budget might be Tk 5.25 trillion.

Of the total alternative budget, 81 percent can be secured from revenue collection, 69 percent from direct tax and 31 percent from indirect tax or non-NBR areas and the remaining will be financed by the public-private sector, according to BEA.

For the first time, the BEA identified 20 new sources for the revenue collection.

“No foreign loans will be required to fund this alternative budget with a deficit of Tk 2.84 trillion,” Barkat said.