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Revenue collection by the National Board of Revenue stood at Tk 2,18,406 crore in the recently concluded fiscal year 2019-2020, falling Tk 82,094 crore short of the revised target for the year, according to the provisional estimate of the board.
The NBR’s FY20 collection is also 2.26 per cent lower than the collection in FY19, posting negative growth for the first time ever mainly due to the coronavirus fallout.
The revenue board’s collection in FY2019 was Tk 2,23,462 crore.
Revenue collection grew by 10.45 per cent in FY19 while it grew by 13.16 per cent on an average in the last five fiscal years.
Income tax collection alone grew marginally by 0.14 per cent in the fiscal year from July 19 to June 20 while customs duty and value-added tax collections posted negative growth by 4.46 per cent and 2.67 per cent respectively, the data showed.
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 against collection targets of Tk 1,06,679 crore, Tk 1,08,600 crore and Tk 85,221 crore respectively.
The revised revenue collection target for the NBR in the year was Tk 3,00,500 crore, downsized from the original target of Tk 3,25,500 crore.
According to the primary data accumulated in the first week of July, the collection was Tk 2,15,400 crore.
Officials said that revenue collection usually increased in the final calculation on accumulation of data on VAT collection and withholding tax after the 15th day of each month.
They said that the NBR would officially release the final revenue data soon.
(NA)
