Mongla Port has earned Tk 210 crore in revenue during the first six months of the fiscal year 2024-2025, handling significant imports and exports. During this period, 413 commercial vessels arrived at the port, while 5,637 vehicles were imported through 10 car-carrying ships. In the meantime, the port managed a total of 52,84,471 tonnes of goods in imports and exports, according to a press release from the port authorities. In addition, the influx of foreign commercial vessels at Mongla Port surged as 2025 began. A total of 28 commercial ships have docked at the port in the first 10 days of January. On Friday, two container ships carrying cargo for the Rooppur Nuclear Power Plant were anchored at Mongla Port. As of now, 18 ships are stationed across various points of the port, said the release. Deputy Director of Mongla Port Authority Md Makruzzaman said that the arrival of foreign commercial ships at Mongla Port has increased as 2025 began. Mongla Port set for major overhaul, enhanced connectivity: Adviser Sakhawat “Currently, there are 18 commercial ships at different locations in the port's Pashur Channel. These ships carry various products including coal, fertiliser, clinker, LPG, container transport and stone,” he mentioned. The release further highlighted a positive growth trajectory for Mongla Port, noting a 2.30 percent increase in the arrival of foreign commercial ships, a 9.72 percent rise in cargo volume, a 16.78 percent increase in container traffic and a 13 percent growth in vehicle imports during the fiscal year 2023-2024 compared to the previous year.

Bhomra land port in Satkhira has posted impressive revenue of Tk 16.24 crore from the export of various products to India in the first half of fiscal year 2024-25, according to the National Board of Revenue (NBR). The increasing exports through this land port have significantly contributed to the country's foreign exchange earnings, as revealed by an analysis of comparative data collected from the port's entry section. Sources said a total of 23 types of local products are currently being exported to India through the port. The products include yarn, waste, cleaning cloth, caps, jute yarn, polyester staple fiber, mustard oil, furniture, mosquito nets, polyester thread, fish nets, plastic bathroom fittings, handloom saris, lungis, clay products, unrefined sesame oil, cotton waste, travel bags, soy acid oil, readymade garments, toasts, juices, chips and lychees. In July 2024, the port earned Tk 2.34 crore, Tk 2.63 crore in August, Tk 2.77 crore in September, Tk 2.43 crore in October, Tk 3.15 crore in November and Tk 2.96 crore in December, totalling Tk 16.24 crore. Read: Sheola land port fails to meet revenue target Abu Musa, general secretary of the land port C&F Agents Association, said Bangladesh is benefiting from export opportunities, similar to other developing countries. He also said traders are increasingly opting for this port, resulting in a rise in both imports and exports, thereby boosting government revenue due to the proximity of the land port to Kolkata. Abul Kalam Azad, deputy commissioner of the land port, confirmed that the export trade with India has increased recently through the land port, resulting in bagging Tk 16.24 crore from the first half of the current fiscal year. Read more: Trade with India through 3 land ports suspended, uninterrupted at Benapole He said that the port has witnessed an export growth rate of 18.95% compared to other land ports in the country.

The decision to raise VAT and taxes on various products has been taken to boost government revenue rather than to meet International Monetary Fund (IMF) conditions, Finance Adviser Dr Salehuddin Ahmed said on Thursday. Speaking to journalists after a meeting of Advisers Council Committee on Government Purchase at the Secretariat, the adviser said the adjustments were necessary to fill revenue gaps created by significant tax exemptions on certain goods. Salehuddin Ahmed said that the hike in VAT on 43 items would not affect the prices of essential commodities or burden ordinary citizens. He said that higher taxes have been imposed on luxury items, such as three-star and higher-rated hotels, while sparing establishments of standard quality. "The objective is to ensure a balanced revenue collection system that does not inconvenience the general population," he said. IMF again eases foreign exchange reserve target for Bangladesh The adviser, however, expressed optimism about economic stability in the coming year, adding that banks would receive sufficient support to maintain liquidity. "We aim to allocate increased budgetary resources to education and health, strengthening these vital sectors," he said. The proposal, which has been sent for presidential approval, will be implemented through an ordinance once authorised. While the adjustments target luxury goods, concerns persist regarding their potential impact on the broader economy.

National Board of Revenue (NBR) chairman Md Abdur Rahman Khan on Monday said the government would try to introduce single rate VAT system in the country to reduce the leakage in revenue collection. Speaking at a press briefing marking VAT Day 2024, he emphasized the importance of expanding the VAT net and rationalizing tax exemptions to address the country’s economic challenges. “A single rate VAT system will not only reduce leakages but also make administration much easier. We are definitely working towards that goal,” Khan said during the event at the NBR conference room. This year’s VAT Day is themed, “We all will pay VAT and contribute to development.” The NBR chief highlighted plans to gradually phase out VAT exemptions while consulting stakeholders. “It does not mean that this has to be done right now. We will do that after consultation with the stakeholders,” he said. NBR plans online tax reforms to simplify process for taxpayers Khan expressed concern over the low number of registered VAT payers—currently just over 500,000—despite a significant number of eligible businesses operating outside the system. “The VAT net is still very narrow, leaving enormous room for expansion. We need to bring non-compliant businesses into the fold and expand the tax base urgently,” he said. The NBR has committed to intensifying supervision and targeting non-VAT-paying businesses. “Expanding the VAT net is crucial to bridging the revenue collection gap, especially as we face a shortfall in the first five months of the fiscal year,” he explained. The NBR chairman acknowledged the ongoing economic crisis and emphasized the importance of strengthening revenue collection to support recovery. “If we want to recover from the economic crisis and move forward, there is no alternative to increasing tax revenues,” he said, urging VAT officials to work with honesty and diligence. He also pointed to the impact of widespread tax waivers on revenue collection in recent months. “While tax waivers were introduced to benefit the masses, they have significantly affected revenue. We must reduce tax waivers and rationalize exemptions as the economy improves.” The NBR chairman outlined the agency’s efforts to create a robust and fully online VAT system. “We have automated VAT registration, filing, and payment systems and are now focusing on introducing an e-invoice system to eliminate flaws and improve efficiency,” he said. The shift from paper-based processes to digital systems aims to simplify procedures for stakeholders, encouraging broader participation. Additionally, VAT rates on essential goods like sugar, eggs, potatoes, and edible oil have been reduced in response to current economic realities, while excise duties on Hajj passenger tickets have been waived. He reiterated the NBR’s commitment to fostering a business-friendly environment and strengthening the country’s tax culture. “By involving consumers, traders, and industrial owners, we aim to build a Bangladesh of dreams—one that is inclusive and free of discrimination.” “The success of the VAT system depends on the widespread participation of stakeholders. It is hoped that all these promotional activities will be quite helpful in building a tax culture in the country, which will contribute to increasing VAT collection in the future. The desired development will be achieved in its continuation. We will become a happy, beautiful and prosperous country,” said the NBR chairman.

The National Board of Revenue (NBR) is now putting its focus on settling the long pending cases through Alternative Dispute Resolution (ADR) system to boost the revenue collection. The revenue collecting authority of the country is at unease as the first two months of the running FY24-25 saw a setback in the collection due to the political unrest, officials said. A senior official of the NBR said that all commissionaretes have been asked to make a list of long pending cases which can be settled through the ADR. The NBR official said that emphasis has been given to utilise the ADR system to clear these cases. The official wished anonymity as he is not authorised to speak on the subject. In a recent meeting, NBR Chairman Md Abdur Rahman Khan asked the officials to take effective steps in this regard, said another official this week. "The NBR chairman also asked the officials to take all out efforts to realise the outstanding taxes," the NBR official said. The NBR introduced ADR on July 1, 2012 to speed up disposal of the revenue-related cases through out-of-court settlement. NBR reforms advisory committee likely to start work next week despite some confusions ADR is a tool that parties can use to settle disputes with the help of a third party. It is used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also increasingly being adopted as a tool to help settle disputes within the court system. The NBR chairman has asked the  officials concerned to expedite the Alternative Dispute Resolution (ADR), the NBR official told UNB. Another senior official of the NBR said that as per the law taxpayers have to apply to resolve the tax related disputes. He mentioned that some taxpayers always try to evade tax and feel encouraged to settle the matter in the courts.  He also said that those who failed to make any headway in the courts usually come to the ADR system for resolving their disputes. An NBR official involved in the ADR said that due to the reluctant attitude from the businesspeople of the country the system is yet to give its full swing benefit for them and also for the national exchequer. "The NBR has taken various types of initiatives to vibrant the system, and a former NBR member has been appointed after forming a neutral cell for this system," he said. The NBR chairman, while talking to reporters recently, said ADR is a system where both parties can avail a win-win chance. NBR accelerates efforts to clear revenue case backlog He mentioned that if the taxpayers and tax authority do not come to a consensus then there is nothing to do in this ADR system. “For that reason many do not want to go to the ADR process,” he said. In this connection, the NBR chairman pointed out the reluctant attitude of taxpayers and tax collecting authority as they both want to win it all. “In ADR system both have to compromise or both have to sacrifice, that is the meaning of the ADR,” he said. The chairman  mentioned that those who are involved in the ADR are very much experienced and know the law very well. “They try to convince both parties to come for a consensus. If the taxpayers and tax collecting authority do not want to go for a long legal battle then ADR is the best option,” the NBR chairman said. As per available data, there are more than 27,000 cases pending in various courts related to income tax, Vat and duty involving not less than Tk 39,000 crore. Read more: How to file your Tax Returns in Bangladesh

Irregularities including theft and missing of goods at Carew & Co. (Bangladesh) Ltd, a traditional industry in the southwestern district of Chuadanga’s Darshana, have become a common phenomenon, thanks to the indifference of the authorities concerned. The mismanagement has apparently turned into a rule at the industry which is embroiled in ongoing issues of theft, particularly concerning foreign liquor. It also produces various alcoholic beverages along with sugar and vinegar. Despite the authorities forming probe committees and imposing temporary punishments on those found guilty, these offenders often return to their illicit activities shortly after, leading to the establishment of a racket. This situation continues even after the recent change in government following mass upsurge. Ahead of the Durga Puja, the syndicate has again become more active than ever as the demand for the liquor increases several times this time, said sources. On September 30, six bottles of foreign liquor were recovered from a toolbox of an electrician in the distillery department of the organization. Although the initial response was to downplay the incident until it became public knowledge. Read: Sugarcane threshing begins at Drashana's Carew & Co sugar mill  Last June, an allegation of missing 13,000 liters of DS spirit from the distillery department surfaced. Additionally, accusations of financial irregularities concerning the permanent hiring of 104 workers emerged in May, leading to legal action against several people, including the former Managing Director Mosharraf Hossain, Collective Bargaining Agreement (CBA) President Sabuj and General Secretary Masud respectively. The Carew & Co. (Bangladesh) Ltd is the only profitable state-owned sugar mill in the region, yet its alcohol production has become a significant source of profit. While law enforcement has made arrests related to the theft of alcohol, the company’s management appears largely indifferent to the issue. Recent police operations have intercepted several shipments of locally made and imported alcohol, leading to multiple arrests of Carew employees. Allegations suggest that labour unions have been complicit in enabling this syndicate, and some local politicians have provided protection for these operations, further entrenching the issue. Preferring anonymity, a worker of the organisation said thefts during the transportation of local liquor to various depots have been common, with drivers and workers sometimes colluding to facilitate these activities. Read more: Selling alcohol, Carew and Company earned a record Tk232.96 crore in 6 months Some workers wishing not to be named claimed that employees in the distillery department collaborate with labour union leaders to execute these thefts, which have reportedly increased during the current administration.  

Despite dollar shortage, preventing traders from opening letters of credit (LC) as needed, the Benapole Custom House exceeded its revenue target for the 2023-24 fiscal year by Tk 216 crore. The revenue target for Benapole Custom House in the 2023-24 fiscal year was Tk 5,948 crore. Actual revenue collected amounted to Tk 6,164.59 crore. According to Benapole Custom sources, the total import volume for the 2022-23 fiscal year was 1.445 million tons, which increased to 1.72178 million tons in the 2023-24 fiscal year. Read more: Bangladeshi injured in BSF firing along Benapole border Kamal Uddin Shimul, Vice President of the Benapole C&F Agents Association, attributed the initial revenue shortfall to global economic recession, rising dollar exchange rates, and the resulting reduction in LCs by commercial banks. However, higher imports of goods with elevated duty rates towards the end of the fiscal year led to increased revenue collection at Benapole Custom House. Importer Monir Hossain highlighted that many businesses could not open LCs due to banks increasing exchange rates amid the global recession and dollar shortage, significantly reducing imports through Benapole land port. Nonetheless, the government’s sudden increase in import duties on various goods boosted custom revenue. Abdul Hakim, Commissioner of Benapole Custom House, said that the increase in high-duty imports towards the end of the fiscal year, combined with the government’s raised duty rates, contributed to exceeding the revenue target. He emphasized the implementation of a zero-tolerance policy against tax evasion at the port, with a 200% penalty imposed on irregularities, which also boosted revenue. Additionally, imports for the government’s mega projects through Benapole further increased custom revenue. Read more: Export-import resumes through Benapole land port after Eid

The government of Bangladesh has no complete list of public services against which it levies fees or charges. “There are thousands of public services against which the government levies fees or charges, but there is no complete list of such fees and charges and when those were imposed,” according to an official document of the Finance Ministry. According the official document titled ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’ of the Finance Division of the Finance Ministry, the government has partially set up an online database of all non tax revenue (NTR) items with the fees, charges or prices and their dates of imposition. “This partial database has opened scope with the hope of increasing NTR income manifolds from administrative fees,” it said. On the other hand, the government is not only focusing on enhanced revenue mobilisation from NTR by raising fees or charges, but also putting its best effort to ensure efficient and satisfactory service delivery. Take the country forward foiling conspiracies: PM Hasina urges in Independence Day speech  The government has taken numerous initiatives to make service delivery systems paperless and to minimise human deployment in this system. This is one of the key features to building Smart Bangladesh by 2041, the document said. The government has multiplied public investment during the last one and a half decade, of which the SOEs/Autonomous Bodies (ABs) have enjoyed capital support either in the form of loans or equities. Loans are registered under government accounts through Subsidiary Loan Agreements (SLAs) and thereby interest is charged. “However, there is no consolidated database for equity investments of the government and therefore there is no precise estimate for dividend income,” the official document said. The government has taken the initiative to create an exhaustive database for equity investments in the SOEs/ABs as well as establish a Financial Reporting Council for setting standard financial statements to ensure proper assessment of these organisations. According to the ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’, With the economic advancement of the country the scope and volumes of public services have evolved and expanded. Read more NBR’s three-pronged strategy to boost revenue collection Government organisations are engaged in delivering various new services in new forms to the public. The government has taken initiatives to explore such novel and voluminous services against which fees/charges may be collected through organising stakeholders’ consultation workshops, seminars, etc. As per the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division, some Tk 5343 billion will come from tax revenue sector in the 2024-25 fiscal year and Tk 6463 billion in 2025-26 fiscal year. In the next two fiscal years, the National Board of Revenue (NBR) will provide Tk 5095 billion and Tk 6171 billion. From the Income Tax wing, the collection will be Tk 1753 billion for the next fiscal while Tk 2123 billion for 2025-26 fiscal, and the collection from import duties will be Tk 1511 billion and Tk 1830 billion respectively. From the VAT and supplementary Duties, the revenue collection will be Tk 1831 billion and Tk 2218 billion respectively. The non-NBR tax for the 2024-25 fiscal and 2025-26 fiscal will be Tk 248 billion and Tk 292 billion respectively with non-tax revenue collection will be Tk 529 billion and Tk 634 billion respectively. The target for running 2023-24 fiscal is Tk 5000 billion with Tk 4500 billion from tax revenue. Of the total amount, Tk 4300 billion will come from NBR through Tk 1480 billion from income tax, Tk 1275 billion from import duties, Tk 1545 billion from VAT and supplementary duties. Some Tk 200 billion will be collected from the non-NBR sector while Tk 500 billion from the non-tax revenue sector. Young entrepreneurs must step up to break the hold of syndicates: DG of Consumer Rights

Aiming to significantly boost revenue collection from domestic sources, the National Board of Revenue (NBR) is adopting a three-pronged approach. These are: digital transformation, expansion of tax net, and enhancing administrative capacity. The core idea is to make tax payments easy and transparent to improve taxpayer services which in turn will help NBR to collect more revenue, according to an official document. According to the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division of Finance Ministry, the government has taken some Major reform measures to materialise the move. The VAT & Supplementary Duty Act 2012 has been implemented in July 2019. With the implementation of the new act, the collection of VAT and supplementary duty is expected to receive a significant boost in the medium term. After the initial hiccup and the shortfall due to the outbreak of COVID-19, revenue collection accelerated in FY22. The government has enacted the new Customs Act, which replaced the Customs Act 1969. International best practices in customs, including that of the World Customs Organization (WCO), the revised KYOTO Convention and the WTO Trade Facilitation Agreement have been incorporated here. NBR will go after house and flat owners for not filing returns; NBR Chairman The law aims to harmonise and simplify customs processes to facilitate the collection of custom duties. The new Income Tax Act is also expected to create an enabling environment for taxpayers, streamline income tax assessment and collection, and facilitate domestic and foreign investment. To implement the new VAT law, the NBR undertook the ‘VAT Online Project (VoP)’ which was in operation since 2013 and concluded in June 2021. Under the VOP, the official document said that the three important automation measures have been completed. First, the Online VAT Registration began in March 2017. Again, the central registration system has been in force since July 2019. The NBR has introduced online return submission in July 2019. The digital filing system has been introduced in the form of online submission of VAT returns. The NBR has rolled out the electronic payment (e-payment) of customs duties in 2017, income tax in 2012 and VAT in 2020. Income tax can be paid through MFS (mobile financial services) as well. To facilitate real-time deposit of government money to the national exchequer, the government has launched the Automated Invoice Portal. This Automated Challan (also known as A-Challan) will act as the receipt window of the government. The payment of income tax has already been brought under the A-Challan system on a pilot basis. The NBR now plans to expand its use for payment of VAT and customs duties. The A-Challan will ensure the timely deposit of money including the prevention of fake return submission and revenue evasion.Moreover, the discrepancy between the amount of revenue collected by the NBR and the accounts given by the Accounting Offices will be eliminated. The Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) said that individual taxpayers can now submit their tax returns online. NBR extends deadline for filing companies’ tax returns to April 30 The NBR has successfully launched eTDS Environment for easy and hassle-free processing of income tax at the source. With the introduction of this system, taxpayers’ time, cost and visits have been reduced to almost zero. Taxpayers can now submit fourteen reports in the eTDS environment. To stop evasion in VAT and enhance VAT collection, the government has introduced Electronic Fiscal Devices (EFD) with a sales data controller mechanism. The government has already installed 9270 EFD/SDC (Sales Data Controller) machines. NBR has selected 24 sectors, including residential hotels, bakeries and fast foods, decorators and caterers, sweet shops etc. for this purpose. To broaden the coverage, the government has decided to outsource the installation of EFD/ SDC machines with a target of 60,000 EFD/ SDC in the first phase and 3,00,000 in five years, if the first phase brings good results. Besides, to prevent tax evasion and to bring transparency in VAT record keeping, the government has made the use of NBR-prescribed VAT software mandatory in VAT-registered industries with annual turnovers of Tk 5 crore or above. The NBR has made provisions to enable internet-based companies, such as Google, Facebook, Microsoft etc. to pay their VAT on online sales. This allows these companies to pay their VAT through their authorised VAT agents without opening their office in Bangladesh. The NBR plans to operationalise the risk management system to ensure that no more than 10 percent of the import consignments are subject to physical examination. To that end, the NBR has established a Central Risk Management Unit/Commissionerate for Customs. To streamline the bonded warehousing system, reduce its misuse and make it transparent, the government has taken a project that aims to automate the bond management system by June 2023. Meanwhile, the licensing module has started operation and other modules will become operational soon. Bangladesh Customs will soon be conducting a Time Release Study in the major custom houses to take stock of the actual time taken in the release of imported consignments. The objective of the TRS will be to identify bottlenecks in customs clearance and to take measures to reduce clearance time. The NBR strives to expand the number of taxpayers and has made the return submission mandatory for all TIN-holders with a few exceptions. Other reform efforts by the NBR included – i) implementation and activation of Online National Single Window, Post Clearance Audit, Advance Ruling, Authorised Economic Operator, and thereby increasing dynamism in international trade; ii) full implementation of online income tax return submission under SGMP project; iii) implementation of “Individual Source Tax Deduction Monitoring Zone” to strengthen income tax deduction monitoring; iv) expansion of the e-Payment system in income tax; v) activation of transfer pricing and anti-money laundering activities; and vi) strengthening ICT infrastructure construction and automation activities. Administrative expansion of the income tax department is underway, the Medium Term Macroeconomic Policy Statement added. Introduction of the Document Verification System (DVS) has brought financial discipline and positively contributed to boosting tax collection both in income tax and VAT by increasing transparency. NBR collects nearly Tk 2 lakh crore in 7 months, growth over 15%

The government of Bangladesh has set ambitious revenue collection targets for the fiscal years 2024-25 and 2025-26, aiming to gather Tk 5872 billion and Tk 7097 billion, respectively. The strategy hinges on enhancing digitalization and simplifying tax procedures for both businesses and individuals. The focus will be on direct taxes and VAT to raise more revenue. In addition to expanding the tax net and increasing the capacity of tax officials, exercises will be carried out to rationalise the current culture of widespread tax exemptions and to bring in heightened transparency in the budgetary discourse. As per the Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26) of the Finance Division of Finance Ministry, some Tk 5343 billion will come from the tax revenue sector in 2024-25 fiscal and Tk 6463 billion in 2025-26. In the next two fiscal years, the National Board of Revenue (NBR) will provide Tk 5095 billion and Tk 6171 billion. From the Income Tax wing, the projected collection will be Tk 1753 billion for the next fiscal, and Tk 2123 billion for 2025-26 fiscal. Collection from the import duties will be Tk 1511 billion and Tk 1830 billion respectively. Tk 16.8cr in 4 days: AL revenues from nomination forms outpace toll collection from megaprojects From VAT and Supplementary Duties, the revenue collection will be Tk 1831 billion and Tk 2218 billion respectively. The non-NBR tax for 2024-25 and 2025-26 will be Tk 248 billion and Tk 292 billion respectively. Non-tax revenue collection will be Tk 529 billion and Tk 634 billion respectively. The target for the running 2023-24 fiscal is Tk 5000 billion with Tk 4500 billion from tax revenue. Of the total amount, Tk 4300 billion will come from NBR through Tk 1480 billion from income tax, Tk 1275 billion from import duties, Tk 1545 billion from VAT and Supplementary duties. Some Tk 200 billion will be collected from the non-NBR sector while Tk 500 billion from non-tax revenue sector. According to the Medium Term Macroeconomic Policy Statement, revenue outturns estimated for 2023-24 and projection for the next two years show high elasticity and buoyancy, implying robustness in revenue mobilisation in the medium term. It mentions that among the tax and non-tax parts of the revenue, the tax revenue is forecasted to be more buoyant and elastic than the non-tax part. Read more: Tax automation would generate more revenue collection: DCCI President The elasticity data shows that the overall revenue is projected to grow 1.65 times higher than the nominal GDP in FY 2025-26. As per the statement, the revenue elasticity of GDP for the 2023-24 fiscal is 1.28 times higher than the last fiscal while it is projected to be 1.40 times higher in the next 2024-25 fiscal year. The tax revenue elasticity of GDP will be 1.33 times higher in the current fiscal while it will be 1.50 times higher in the next fiscal and 1.66 times higher in 2025-26 fiscal year. The non-tax revenue elasticity of GDP for the running fiscal will be 0.92 times higher in the current fiscal, 0.47 times higher in the next fiscal year, and 1.57 times higher in 2025-26 fiscal year. On the other hand, the buoyancy indicates that, in FY 2025-26 the tax revenue in real terms may grow 98 percent higher than the growth of real GDP. The Policy Statement mentions that the revenue mobilisation acts as a catalyst to achieve the development outcomes of a country. Bangladesh has envisioned its long-term development trajectory to be a higher middle-income country in 2031 and to be a developed country in 2041. Read more: Increase revenue, quality of services at airports: Faruk Khan tells CAAB In addition to these aspirations, the ‘Perspective Plan of Bangladesh 2021-2041’ has targeted to raise the revenue- GDP ratio to 19.55 percent by 2031 and to reach 24 percent by 2041. The statement says that the spectacular growth Bangladesh registered in the last decades, however, has not been underpinned by concomitant revenue growth. A large share of the revenue comes from the direct (income tax) and indirect taxes (VAT and customs) collected by the National Board of Revenue (NBR). Non-NBR taxes and Non-Tax Revenue (NTR) consists of smaller parts. It said that there is a need to identify the reasons for low revenue collection to move onto the essential next step to correct the course. It is important to understand various issues such as the economic structure (large informality and exemptions), structural weaknesses (complicated processes and information asymmetry), and cultural factors (apathy towards paying taxes) that contribute to significant underperformance in revenue collection. The government, the policy statement said, with the support of private sector operators, is keen to make paying taxes easy, tax rules easy to understand and rationalise tax exemptions. Success in revenue collection will be strengthened by making the tax administration easy to approach, increasing digitalization to bring in transparency and predictability and bringing in progressivity in taxation where rich people pay a higher part of the taxes, it added. Revenue collection up by 14.36 percent in July-October, but behind target: NBR