NBR to boost audit activities to plug loopholes in tax files

The National Board of Revenue (NBR) has decided to strengthen its audit activities to close loopholes in the tax files to collect additional revenue from the taxpayers in the current fiscal year, reports UNB.

According to the NBR sources, the revenue collecting body has planned to make its audit section stronger as it has set a huge revenue target for the 2017-18 financial year.

As per the plan, the NBR will scrutinise the potential audit cases where it will put extra efforts.

"We've instructed all of our field offices to expedite their audit activities for a better result in the current fiscal year," a senior tax official of the NBR told the news agency.

He said after selecting the potential tax files from where the NBR could get extra revenue it will go for quick disposal of the cases. "After the disposal of a particular case, the NBR tax officials will demand additional revenue from the taxpayer," he said.

According to the existing system, the taxpayers are allowed to submit their income tax returns under the universal self assessment system where the tax officials have nothing to do without accepting those.

However, if any tax official thinks there is anomaly in the submitted return, he/she can scrutinise the file from now on.

If the tax official is convinced following the scrutiny that there is scope of getting more revenue, he/she can summon the particular taxpayer and demand extra revenue showing the loopholes in the tax file.

If the taxpayer refuses to pay the extra revenue, it will be placed before the tax tribunal for its disposal.

 The NBR is putting extra efforts on the matter as it got a target of Tk 86,867 crore from income tax and corporate tax.

The revenue target for the NBR for the current fiscal year (2017-18) was set at Tk 248,190 crore while that of non-NBR tax revenue collection at Tk 8,662 crore and the target of non-tax revenue collection set at Tk 31,179 crore.

Of the total revenue target of NBR, Tk 91,344 crore will come from VAT while Tk 86,867 crore from income tax and corporate tax, Tk 30,153 crore from import and export duty and Tk 38,212 crore will be generated from supplementary duty.

The NBR official said the target for the field offices will be to collect the extra revenue from the taxpayers to meet the gigantic revenue target.

According to the NBR sources, audit objections of a couple of years are lying in the files, causing losses of several thousand crores of Taka to the NBR.

Of the total, the amount of unrealised revenue from the Large Taxpayers Unit (LTU) is the highest.

Sources said NBR Chairman M Nojibur Rahman has put emphasis on realisation of this huge amount of money through quick disposal of the cases.

 

NBR to boost audit activities to plug loopholes in tax files

The National Board of Revenue (NBR) has decided to strengthen its audit activities to close loopholes in the tax files to collect additional revenue from the taxpayers in the current fiscal year, reports UNB. According to the NBR sources, the revenue collecting body has planned to make its audit section stronger as it has set a huge revenue target for the 2017-18 financial year. As per the plan, the NBR will scrutinise the potential audit cases where it will put extra efforts. Weve instructed all of our field offices to expedite their audit activities for a better result in the current fiscal year, a senior tax official of the NBR told the news agency. He said after selecting the potential tax files from where the NBR could get extra revenue it will go for quick disposal of the cases. After the disposal of a particular case, the NBR tax officials will demand additional revenue from the taxpayer, he said. According to the existing system, the taxpayers are allowed to submit their income tax returns under the universal self assessment system where the tax officials have nothing to do without accepting those. However, if any tax official thinks there is anomaly in the submitted return, he/she can scrutinise the file from now on. If the tax official is convinced following the scrutiny that there is scope of getting more revenue, he/she can summon the particular taxpayer and demand extra revenue showing the loopholes in the tax file. If the taxpayer refuses to pay the extra revenue, it will be placed before the tax tribunal for its disposal. The NBR is putting extra efforts on the matter as it got a target of Tk 86,867 crore from income tax and corporate tax. The revenue target for the NBR for the current fiscal year (2017-18) was set at Tk 248,190 crore while that of non-NBR tax revenue collection at Tk 8,662 crore and the target of non-tax revenue collection set at Tk 31,179 crore. Of the total revenue target of NBR, Tk 91,344 crore will come from VAT while Tk 86,867 crore from income tax and corporate tax, Tk 30,153 crore from import and export duty and Tk 38,212 crore will be generated from supplementary duty. The NBR official said the target for the field offices will be to collect the extra revenue from the taxpayers to meet the gigantic revenue target. According to the NBR sources, audit objections of a couple of years are lying in the files, causing losses of several thousand crores of Taka to the NBR. Of the total, the amount of unrealised revenue from the Large Taxpayers Unit (LTU) is the highest. Sources said NBR Chairman M Nojibur Rahman has put emphasis on realisation of this huge amount of money through quick disposal of the cases.