Welcome to Business Outlook
Related Articles
Revenue collection by the National Board of Revenue fell short of target by Tk 6,343 crore in the July-September period of the current fiscal year 2021-2022, according to NBR provisional data.
The NBR managed to collect Tk 58,351 crore against the quarterly target set at Tk 64,695 crore.
However, the revenue collection in the first quarter of the ongoing fiscal year grew by 16.72 per cent compared with that in the same period of the previous fiscal year, according to the data.
Customs duty, value-added tax and income tax collection grew by 21 per cent, 16.45 per cent and 12.74 per cent respectively in the period.
VAT collection was the highest, Tk 21,092 crore, in the period followed by customs duty Tk 19,309 crore and income tax Tk 17,949 crore in the period.
The income tax wing suffered a collection shortfall of Tk 1,978 crore, followed by VAT Tk 1,947 crore and customs wing Tk 2,417 crore compared with their respective targets for the period.
The average tax revenue collection growth was 11.36 per cent in the last five years.
Customs revenue in the July-September quarter of the fiscal year saw an impressive growth as the global commodity prices increased in the period, said NBR officials.
According to Bangladesh Bank data, the value of imports as measured by the settlements of letters of credit surged by 30.62 per cent to $5.17 billion in August 2021 from $3.96 billion in the previous month.
The opening of import LCs also increased by more than 48 per cent to $6.29 billion in August from $4.25 billion a month ago.
The VAT collection also achieved a significant growth in the period as the consumption of goods increased following the resumption of economic activities and domestic tourism.
The NBR officials said they were working on enhancing their monitoring capability and introducing several automation systems to ease tax procedures to boost the revenue collection.
The officials said the collection of source tax also needed intensive monitoring as many tax deducting authorities refrained from depositing tax properly that they deducted from the service seekers.
In the previous fiscal year 2020-2021, the NBR›s revenue collection was poor due to the Covid outbreak, they said.
(NA)
