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The National Board of Revenue is set to miss its revenue collection target in the outgoing fiscal year 2020-2021 despite a moderate growth in collection in the first 10 months of the year due mainly to the Covid outbreak-induced sluggish economic activities and an ambitious target set for the year.
Revenue collection by the NBR grew by 12.87 per cent in July-April period of FY21 compared with that in the same period of FY20, according to the data released on Monday by the revenue board.
Tax officials managed to collect only Tk 1,97,583.43 crore in the period, up Tk 22,525.65 crore on Tk 1,75,057.78 crore collected in the same period of FY20, the data showed.
In April FY21 alone, revenue collection grew by 116.16 per cent compared with that in the same month of FY20.
The tax authorities will have to collect Tk 1,03,416.57 crore in the remaining two months — May and June — of FY21 to achieve the revised target set at Tk 3.01 lakh crore for the year.
Officials said that it was quite impossible to meet such a huge amount of tax collection in the remaining two months amid the ongoing economic situation in the country.
The overall revenue collection may stand around Tk 2.30 lakh crore by the end of the year, they estimated.
In the FY2020, the NBR collected Tk 2,18,409 crore with negative growth of 2.26 per cent from that of the previous fiscal year (FY2019).
According to the NBR data, customs wing achieved the highest growth, 20.36 per cent, followed by VAT wing 11.04 per cent and income tax wing 8.26 per cent in July-April of FY21.
Collection of value-added tax stood at the highest, Tk 76,781.59 crore, in the period followed by customs duties and taxes at Tk 61,131.63 crore and income tax at Tk 59,670.21 crore.
In April 2021, revenue collection stood at Tk 19,326.12 crore with 116.16 per cent growth against Tk 8,940.71 crore collected in April 2020.
Collection of customs duties and taxes grew by 169.50 per cent followed by VAT collection at 106.69 per cent and income tax collection by 70.63 per cent in April this year, NBR data showed.
