Kazi Zahidul Hasan :
The National Board of Revenue (NBR) is likely to miss its revenue collection target for the current fiscal due to the ongoing political turmoil, officials said.
The overall revenue collection fell short by Tk 3000 crore during July-January period of the current fiscal (2014-15) in the wake of sluggish economic activities in the country following political unrest.
NBR officials apprehend that if the current political situation continues in the coming months the board may close the year with a huge shortfall in revenue earnings. In the fiscal year 2014-15, the NBR has set a revenue collection target of Tk1,49,720 crore, projecting a growth of 24 per cent from that of the previous fiscal.
The Board has collected Tk 68,710 crore as revenue during the July-January period of the current fiscal against the target of Tk 71,825 crore, showing Tk 3,115 crore short of the target.
According to the data, NBR would need to collect an additional Tk81,010 crore revenue in the remaining five months of the current fiscal to meet the target.”Revenue collection has showed a growth of 14 per cent during the first seven months of the current fiscal despite various challenges. But the growth may not be sustained if present political unrest lingers for the remaining months of the current fiscal,” NBR chairman Najibur Rahman told The New Nation on Monday.
According to him, overall revenue collection showed a 10 per cent growth during the July-January period of the last fiscal (2013-14).
The NBR chairman further said that the ongoing blockade and hartals have severely disrupted business activities across the country, resulting a fall in revenue collection, particularly VAT and income tax.”Smooth revenue collection is largely depending on a stable business and political environment. But there has been an erosion in business confidence amidst concerns over current political impasse. So, the adverse economic condition must leave a negative impact on the government’s revenue earnings,” he said.
He said it would be tough job for the revenue board to mobilize an additional revenue of Tk81,010 crore in the remaining months of the current fiscal to meet this year’s target.
Najibur Rahman mentioned that the volatile political situation has seriously affected VAT and income tax collection. But the revenue collection from import level was satisfactory.
