It is encouraging to note that the government's revenue collection increased by 15.70 percent to stand at Tk 1,771.36 billion in the first eight months of the current fiscal year, thanks to the government for framing new strategies to increase the amount of revenue collection in order to keep the ongoing development work and financial activities afloat. Reportedly, in the same period of the previous fiscal, the National Board of Revenue (NBR) collected Tk 1,531.04 billion as revenue
E-commerce sector can be one of the largest tax-collecting areas. But unfortunately, authorities concerned have not been able to establish any infrastructure system to collect revenue from online business sector.
In order to collect revenue from the ICT service based business
firms NBR has to bring some necessary changes in its existing VAT rules
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Therefore, we need to build a highly skilled ICT wing in order to collect revenues from the ICT firms or services.
The government must devise prudent steps to raise revenue collection further. Policymakers can raise revenues by modifying existing tax policy, enacting new taxes, and boosting economic activity. It needs no mentioning that in order to collect revenue from the ICT service based business firms NBR has to bring some necessary changes in its existing VAT rules.
Firstly, NBR has to identify the challenges and barriers in the area. As the revenue authority has no infrastructure in place to collect revenue from this area, they must build necessary infrastructure to collect revenues from e-commerce sector.
The revenue board will need a highly skilled ICT wing aiming to collect revenues from the ICT firms or services. Also the government should formulate and implement new taxation law for e-commerce which will more clearly define the parameters of the e-commerce industry.
