The National Board of Revenue (NBR) experienced a 14.26% year-on-year increase in revenue collection for July-November of FY24, the first five months of the fiscal.
However, this amount still fell short of the targeted goal.
According to NBR data, Tk132,000 crore was collected in the first five months of this fiscal year, with a deficit of Tk16,000 crore compared to the Tk148,000 crore target.
In the same period of FY23, Tk115,818 crore in revenue was collected with a 13.25% growth.
However, missing the target raised concerns about meeting International Monetary Fund (IMF) conditions.
As a part of the conditions for its $4.7 billion loan to Bangladesh, the IMF stipulated a revenue target of nearly Tk400,000 crore by the end of FY24. In the first five months of the fiscal year, 31% of this target has been achieved.
The NBR itself set a revenue target of Tk430,000 crore for FY24, exceeding IMF's target.
Customs (imports and exports) saw a growth of 8.84%, local VAT (on goods and services) collection surged 16.50%, while income tax saw the highest jump at 17.45%.
According to NBR data, during July-November of FY24, income tax collection was Tk39,384 crore against the target of Tk45,496 crore and VAT collection amounted to Tk51,510 crore against the target of Tk56,075 crore.
Revenue from customs lags as compared to income tax and VAT with Tk41,439 crore collected against the target of Tk47,222 crore.
In a press conference last week, NBR Chairman Abu Hena Rahmatul Muneem expressed concern that the current economic slowdown, coupled with the upcoming election, could potentially generate political instability that might jeopardize revenue target achievement.