Dhaka: Observing that the budget is achievable though ambitious, Finance Minister AMA Muhith on Monday reiterated that income tax, corporate tax and value added tax (VAT) will be a major source of revenue in the next fiscal year.

‘One of the major changes of this year’s budget is income tax. Income tax will be the highest source of income in terms of revenue collection….tax is highly progressive and we’ll focus mainly on income tax and corporate tax… another important source is value added tax,’ he said.

The Finance Minister was discussing with high officials of the National Board of Revenue (NBR), including its Chairman Md Nojibur Rahman, the way of implementing the budget and meeting the revenue target at the NBR office in Dhaka.

Muhith voiced his conviction that the NBR is very much capable of achieving the revenue target to implement the budget as its manpower along with their efficiency has been increased.

He said they will try to achieve a 30 per cent revenue collection by the current year, saying: ‘If we can do this, it’ll be easier to achieve our target.’

The Finance Minister also said relief has been provided for the income tax payers in the upcoming budget. ‘Nothing has been changed to the income tax; rather more relief has been provided.’

Talking about his visit to the NBR, Muhith said he is there to work out a plan as to who will be the possible target of NBR. ‘There’re lots of rich people at upazila level who are eligible for paying tax. Plan your job.’

About corruption, Muhith said he would not refuse that there is no corruption in the NBR or other offices under his ministry. ‘But the scenario has changed now. Once people used to get scared seeing tax collectors, but there has been a massive change now as accountably, transparency and professionalism have been established.’