The revenue collection by the National Board of Revenue (NBR) from income tax, customs and VAT during the July-March period of the current fiscal year (FY24) witnessed a 15.23 percent growth fetching Taka 2,59,866 crore.
The revenue collection by the revenue board during the July-March period of the last fiscal year (FY23) was Taka 2,25,513 crore.
According to data from the NBR, the revenue collection from the customs during this nine-month period totaled Taka 74,262.72 crore, from VAT Taka 1,00702.39 crore and income tax and travel tax Taka 84,901 crore.
The NBR data showed that, the revenue collection by NBR during the July-March period of the last fiscal year (FY23) from customs were Taka 67,380.34 crore, from income tax Taka 71,227 crore and revenue collection from VAT Taka 86,905.53 crore.
The NBR has set a revenue collection target of Taka 4,10,000 crore in the current fiscal year.
During April-June 2022, total revenue collection stood at Tk.1,06,993.2 crore, which was. 28.5 percent and 23.1 percent higher than that of the previous quarter and that of the same. quarter of the previous fiscal year respectively. In the said quarter, NBR tax revenue.
The National Board of Revenue (NBR) faces an uphill task of collecting Tk150,000 crore in the last quarter of the current fiscal to reach even its revised target, as the tax receipt so far shows shortfalls.
Revenue officials could find it a tough chase to collect Tk50,000 crore on average each month in April, May and June from the existing tax base, according to provisional NBR data.
Until March 2024, the National Board of Revenue (NBR) had collected 63.36% of its revised target for the entire year.
The July-March tax-revenue collection came to Tk259,000 crore, leaving a shortfall of Tk21,930 crore.
The pared-down annual target is Tk410,000 crore for FY24.
On average, the revenue board collects Tk30,000 crore in taxes each month.
However, a big chunk of revenue comes in the last month of every fiscal year with the implementation of government’s development projects and intensified efforts of taxmen to reduce the shortfall.
Provisional data with the NBR also showed the tax mobilization grew 15 .21% in the July-March period of the current fiscal year compared to that of the same period last year.
