Dhaka:The government will commence publishing revenue collection data from the National Board of Revenue (NBR) on a regular basis starting in December, announced Prof Rashed Al Mahmud Titumir, Prime Minister's Adviser on Finance and Planning, during a conference at the NBR in Agargaon.
According to United News of Bangladesh, Prof Titumir acknowledged current limitations in data coordination but assured that steps have been taken to address these issues. He explained that while daily collection data is available through iBAS++, reconciling different datasets takes time, which has delayed the release of revenue figures.
Prof Titumir highlighted that revenue growth was 2.5 percent in the 2024-25 fiscal year. He credited the formation of separate task forces for income tax, customs, and VAT for boosting growth to 12.03 percent, describing this as a positive outcome of government reforms. He noted the highest duty collection in the country's history by customs houses and significant progress in income tax collection.
Addressing the state of the economy, he mentioned that the domestic revenue-to-GDP ratio was 6.67 percent, one of the lowest globally, with a target to raise it to 10 percent by 2030. He stressed the necessity of increasing domestic resource mobilization to boost spending on social sectors like education and health to 5 percent of GDP.
Responding to questions about revenue shortfalls and VAT collection, Prof Titumir said the economy was devastated, requiring around $40 billion for recovery due to banking sector issues. Steps have been taken to stimulate investment, public spending, consumption, and exports. He mentioned directives for implementing the Annual Development Programme and a Bangladesh Bank package to increase private sector credit, part of which is already disbursed.
He also discussed ongoing census and verification efforts for the Family Card programme and confirmed discussions with the IMF on a proposed excise duty at the fuel sale level. Regarding VAT audits, he noted the introduction of a risk-based system and efforts to resolve nearly 29,000 pending revenue cases.
On NBR reforms, he shared recommendations for creating separate divisions for revenue collection and policy, hoping for swift implementation. The government's goal is to establish an equitable tax system through institutional reforms, avoiding tax evasion and unjustified exemptions. He highlighted a forensic audit revealing a 35.72 percent non-performing loan ratio, with $40 billion needed to revive the banking sector.
Source United News of Bangladesh