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The National Board of Revenue began the new fiscal year 2020-2021 with a shortfall in revenue collection in July, the first month of the year, by Tk 7,044 crore of the collection target set for the month.
According to the provisional data of the revenue board, tax officials managed to collect Tk 12,335 crore in July against the collection target of Tk 19,379 crore.
Revenue collection declined by 22.07 per cent in July this fiscal year from that of July FY19 when collection was Tk 15,828 crore with 15.43 per cent growth over the same month of the previous FY18.
All three wings — VAT, customs and income tax — missed their respective targets as the fallout of the coronavirus outbreak continues as economy is yet to get momentum although economic activities have resumed since the beginning of the month.
The NBR managed to collect only 3.74 per cent of the total revenue collection target set for the entire fiscal year at Tk 3.30 lakh crore.
According to the data, the VAT wing faced the highest negative growth by 39.56 per cent of the target followed by income tax by 15.54 per cent and customs duty by 7.02 per cent.
VAT collection stood at Tk 3,736 crore in July against the target of Tk 7,732 crore.
Income tax and customs duty collection reached Tk 3,670 crore and Tk 4,929 crore respectively in July against the collection targets of Tk 4,219 crore and Tk 7,427 crore respectively for the period, the data showed.
The government set the collection target at Tk 1,28,873 crore in VAT, Tk 1,05,475 crore in income tax and Tk 95,652 crore in customs duty for FY21.
The revenue board had collected Tk 2,18,406 crore in the last fiscal year, falling Tk 82,094 crore short of the revised target for the year.
Tax officials managed to collect Tk 73,004 crore in income tax, Tk 84,850 crore in VAT and Tk 60,552 in customs duty in the year.
