The New Nation - Internet Edition

BUSINESS REPORT

The country's tax revenue earnings increased by some 27 per cent in the outgoing 2007-08 fiscal year to Tk 472 billion (US$7 billion), slightly above the official target, the National Board of Revenue (NBR) said.

The government originally set a revenue target for 2007-08 of Tk 438.50 billion and later raised it to Tk 459.70 billion.

The result marked the first time that the NBR had fulfilled its revenue target, a senior board official said.

The government has set a revenue target of Tk 545 billion for the current fiscal year of 2008-09 that began in July.

Tax-reforms and a concerted drive against tax evasion has boosted income tax collection, the Asian Development Bank has said.

"But the tax laws have fundamental structural weaknesses, including extensive tax incentives and exemptions," it said in its latest report on Bangladesh.

"These issues need to be addressed in tax legislation to establish a simple and transparent tax system."