Bangladesh’s National Board of Revenue plans to collect an additional 1.25 lakh crore taka, approximately $10.1 billion, as the government negotiates a new $4.5 billion to $5 billion loan with the International Monetary Fund.
The agency is targeting 50,000 crore taka, approximately $4 billion, from income taxes and 60,000 crore taka, approximately $4.9 billion, from value-added tax. It also plans to recover 15,000 crore taka, approximately $1.2 billion, in unpaid income taxes.
The strategy includes new tax policies, administrative reforms and efforts to bring eligible taxpayers into the tax system.
The board’s overall fiscal-year target is 6.04 lakh crore taka, approximately $48.9 billion, up from 5.99 lakh crore taka, approximately $48.5 billion, previously.
The ambitious goal follows an estimated 1 lakh crore taka, approximately $8.1 billion, collection shortfall during the 11 months through May. The International Monetary Fund has advocated a unified value-added tax rate, but the proposal was excluded from the current budget.