There is pressure to finance the government's increased spending, there is also the obligation to meet IMF conditions.
National Board of Revenue (NBR) is desperate to collect duties. On the one hand, the pressure to provide money at increased government expenditure, on the other hand, the obligation to meet the conditions of the International Monetary Fund (IMF). All in all, there are more tax collection initiatives than tax exemptions in the upcoming budget.
In the next fiscal year, NBR is being given a target of Tk 4 lakh 30 thousand crores. To achieve this ambitious goal, NBR has planned to increase duty-tax in various areas. In some cases, new taxes are imposed. As a result, the pressure on common people may increase in some cases. NBR will have to collect an additional 48 thousand crore rupees in the next financial year to meet the conditions of the IMF.
In the upcoming 2023-24 budget, most income tax return filers will be required to pay a minimum tax of Rs 2,000. Because, income tax return deposit receipt will be required to avail 44 types of services. Some services taken by ordinary taxpayers such as buying savings bonds, taking credit cards, giving cars on ride-sharing, getting gas-electricity connections are included in this list. Six more services are being added this year over the previous 38 services.
It is also known that there may be an announcement to raise the annual tax-free life limit from Tk 3 lakh to Tk 3.5 lakh to give some relief to individual tax payers to cope with inflationary pressure.
In the next budget, NBR is more focused on tax collection by levying tax at source in various sectors. The opportunity to launder black money in buying land and flats is being eliminated, on the contrary, registration fees may increase. If the proposal to increase the travel tax is passed, the budget for foreign travel should be increased.
The finance minister may propose to impose additional duty on mobile phones, expensive cars, cigarettes, pens, plastic tableware, kitchenware, tissues, napkins. As a result, the price of these goods may increase. Prices may decrease for domestic software, fridge-refrigerator, bicycle etc.
The much-discussed repatriation of money laundered abroad will not be extended. Because no one has taken this opportunity in the last 10 months. The new income tax law has the opportunity to whiten black money by paying a certain amount of tax on the purchase of land and flats. The legislation will be introduced as a bill for passage in the current budget session. On the other hand, there is no great news for traders. Corporate tax is not going down anymore.
In this regard, Planning Minister MA Mannan told Prothom Alo, "There is inflationary pressure." So relief will be given by increasing the tax-free life span. Development activities cannot be stopped, money will be needed. Therefore, the tax net will be widened without increasing the tax burden on the people. If the tax net is widened properly, the target of revenue collection will be achieved. We need additional revenue now.'
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