The New Nation - Internet Edition

Staff Reporter

The Government revenue earnings have been estimated to grow by 17 per cent next fiscal year 2008-09 compared to the target of the previous fiscal year budget, said Finance Adviser Dr AB Mirza Azizul Islam yesterday at the Planning Ministry.

"The revenue estimate was based on the nominal GDP estimate of 6.5 per cent and inflation at 9 per cent during the next fiscal, Finance and Planning Adviser informed reporters.

The authority expects that the Government revenue earnings of the current fiscal year to exceed the target for the first time.

The revenue target for the current fiscal year was fixed at Tk 43,850 crore. The revenue earnings stood at Tk 31,300 crore during the July-March period. It is registering 24 per cent growth over the corresponding period of the previous fiscal.

Earlier, he had a meeting with NBR Chairman Muhammad Abdul Mazid on budgetary proposals to be placed early next month.

The Finance Adviser said he asked revenue officials to make the tax-structure more business-friendly, reduce discretionary powers of the tax officials and simplify procedure so the taxpayers could pay tax collection easily.

At the same time, he ordered the officials to increase revenue earnings through tax. Replying to another question, the Finance Adviser said the income tax exemption limit for an individual taxpayer was increased substantially in the last budget from Tk 120,000 to Tk 150,000.