In its bid to increase national revenue, the caretaker government has set a target of collecting Tk 6,15,500 crore and Tk 6,95,100 crore respectively for the next two financial years.

In the next financial year 2025-26, an amount of Tk 5,53,300 crore will come from the NBR, which is 15.2 per cent more than the previous year.

Officials familiar with the plan said this week that another 62,500 crore would come from other sources, 5.5% more than the previous year.

In FY 2026-27, Tk 6,31,100 crore, or 14.1 per cent more, will be collected from the NBR, while Tk 64,000 crore, or 5.3 per cent more, will come from other sources.

The revenue target for the current financial year 2024-25 is Taka 5,41,000 crore. Out of which Tk 4,80,000 is supposed to come from the National Board of Revenue, and Tk. 61,000 crores from other sources.

The government has undertaken various reform measures to achieve its medium-term fiscal targets (fiscal year 2026-27), according to an official document from the Ministry of Finance.

Revenue is expected to grow by around 13% over the next three years, including the current one, to Tk 695,000 in FY27.

The NBR tax is estimated to increase up to 28.2% in FY24, then it will increase by 17.1% in FY25, 15.2% in FY26 and finally 14.1% in FY27.

According to the document, there is no other option than to increase revenue collection and increase the tax-to-GDP ratio to an acceptable level in order to maintain the economic development of Bangladesh.

The government plans to introduce appropriate changes and reforms in tax policy and administration to make them both efficient and simple in the medium term.

Several initiatives are underway to make tax administration more taxpayer-friendly and transparent by expanding the scope of digitalization and automation of tax registration, return submission and tax payment.

Tax exemptions currently granted in various areas will be reviewed and rationalized.

Laws relating to customs and income tax have been updated and further amendments are in the pipeline to make these laws more taxpayer and business friendly.

A Medium to Long Term Revenue Strategy (MLTRS) is currently being developed by the National Board of Revenue, which is expected to chart the way forward to improve revenue collection over the next five years.

Alongside the tax system reform initiatives, the government has also paid attention to exploring the potential for revenue mobilization from NTR sources. Various initiatives are being taken to force autonomous institutions to remit part of their profits to the government.

Ministries/departments are sensitized and encouraged to update fees/rates in the non-tax revenue sector, identify potential sources and generate revenue from these sources, the document said.

A database has already been created regarding fees/rates for government services provided by government agencies.

Apart from updating the rates of various services provided by the government, it introduced a digital payment system so that the public can avail many services at home, which will improve the collection of NTR in the medium term, the document said .

On the other hand, to encourage hassle-free submission of income tax returns, the NBR has issued an order making online filing of income tax return (e-filing) mandatory for government employees under the jurisdiction of tax circles. income tax located in Dhaka North and Dhaka South. , Gazipur and Narayanganj City Corporation.

Online filing of income tax returns has been made mandatory for working officers/employees of all scheduled banks, all mobile telecom service providers and certain multinational companies, namely Unilever Bangladesh Limited, British American Tobacco Bangladesh Company Limited, Marico Bangladesh Limited, Berger Paints Bangladesh Limited, Bata Shoe Company (Bangladesh) Limited, Nestle Bangladesh Plc.

The NBR has taken steps to simplify the submission of tax returns and online payment procedures.

The online declaration system has been open to taxpayers since September 9. Individual taxpayers can easily prepare their returns and file them online on the National Board of Revenue website. www.etaxnbr.gov.bd.

From this system, taxpayers can pay their taxes through online banking, card payment (debit/credit card) and mobile banking and benefit from the facility to download and print copies of returns deposited, receipts, income tax certificates and NIF certificates. Additionally, anyone can download and print the electronic return filed for the previous year.

The process of filing the electronic return has already been made more taxpayer-friendly. A biometric SIM card registered with one’s own national ID card from a respected taxpayer is required for successful registration in e-Return.