Revenue collection up by 16.64% in Jul-Oct
NBR fails to meet its revenue target despite growth
The National Board of Revenue (NBR) collected 16.64% higher tax for the July-October period compared to that of the previous fiscal year.
Despite achieving substantial growth in these four months, the NBR, however, was unable to meet its revenue target – registering around Tk8,639 crore deficit.
According to NBR provisional data, the revenue collection target for the July-October period was Tk88,106 crore, but the board was able to collect Tk79,467 crore.
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The deficit in the first three months of the fiscal year up to September was Tk6,343 crore, and the year-on-year revenue growth was 16.72%.
Compared to the previous fiscal year, in the last four months, customs duty, value-added tax (VAT), and income tax collection grew by 21.31%, 15.46%, and 16.64%, respectively.
Meanwhile, VAT collection was the highest at Tk29,393 crore during this period, followed by customs duty at Tk26,404 crore, and income tax at Tk23,669 crore.
According to NBR data, it achieved 90.07% of its target in the four months.
The monthly revenue collection in October rose by 16.41% compared to the same month of the previous year. The revenue board managed to collect Tk21,116 crore in the month.
In a bid to achieve the government's revenue target for the current fiscal year, the NBR needs to achieve at least 27% growth by the end of the year.
The revenue collection target for the current fiscal year has been set at Tk330,000 crore.
