Staff Reporter :
Revenue collection by the National Board of Revenue (NBR) grew by 11.06 per cent in the first two months (July-August) period of the current fiscal year (2022-23) amid the economic turmoil in the county.
The revenue achieved the growth riding on customs wing due to the rise in commodities’ prices in the international market, NBR officials said.
The state coffer managed to collect Tk 38,343 crore against the target of Tk 43,590 crore set for the two months period, which is 12.04 per cent or Tk 5,247 crore short of the target set for the two months, according to provisional data of the NBR.
Of the total collection, the revenue board fetched Tk 20,586 crore in July and Tk 17,757 crore in August.
The revenue collection was Tk 31,926 crore in the same period of last fiscal year, the data showed.
Income tax wing of the revenue board managed to collect Tk 10,246 crore, Value-Added Tax (VAT) wing collected Tk 13,352 crore and customs wing earned Tk 14,746 crore in the two months period.
The income tax collection shortfall was 14.55 per cent or Tk 1,743 crore against the target of Tk 11,990 crore in the July-August period of the current fiscal year.
The VAT collection fell 18.72 per cent or Tk 3,076 crore short of the target of Tk 16,428 crore and customs revenue earnings had a shortfall of 2.81 per cent or Tk 426 crore against the target of Tk 15,172 crore for the period.
The government has set Tk 3,70,000 crore target of revenue collection for the NBR for the current fiscal year. Of which, the income tax wing to collect Tk 1,22,100 crore, customs wing
to collect Tk 1,11,000 crore and VAT wing to collect Tk 1,36,900 crore.
NBR officials said the revenue shortfall is mainly for a sharp decline in the government projects due to ongoing global economic crisis caused by Russia-Ukraine war as a big portion of revenue comes from the projects as source tax.
Besides, domestic consumptions have been decreased due to the high inflation. As a result, VAT collection reduced significantly in the last two months, they said.
Amid the economic turmoil situation, the target of the revenue collection unlikely to be achieved but the collection will be reached a logical level, they added.
