• Monday, Nov 29, 2021
  • Last Update : 02:19 am

18,000C income tax collected in Q1 of FY22

  • Published at 06:58 pm October 24th, 2021
The total revenue income target for FY22 has been set at Tk330,000 crore Pixabay

This figure falls over Tk2,000 crore shy of the Tk20,000 crore target for Q1 of the current fiscal year

From July to September (Q1) of the 2021-22 fiscal year, the National Board of Revenue (NBR) collected income taxes worth Tk17,949 crore, official data shows.

But for the month of September, only provisional data is available, which puts income tax revenue for the month at Tk7,954 crore against the monthly target of Tk8,500 crore.

This figure falls over Tk2,000 crore shy of the Tk20,000 crore target for Q1 of the current fiscal year.

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On the other hand, in the first quarter of the previous fiscal year, NBR field offices had managed to collect Tk15,919 crore in income taxes against a target of Tk18,710 crore.

Till the end of August in the current fiscal year, the field offices managed to collect Tk9,954.41 crore in income taxes compared to Tk8,778.87 crore collected during the period of the previous fiscal year.

In July, the revenue board managed to collect Tk4,711 crore against a target set for the month at Tk5,925 crore.  

An NBR official said revenue collection has gradually increased compared to the previous months, which is a reflection of the seriousness of the taxpayers about their tax returns. 

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And NBR officials are also cooperating with the taxpayers to ensure hassle-free service, he said.

The total revenue income target for FY22 has been set at Tk330,000 crore, of which Tk128,873 crore is expected to come from VAT, Tk105,475 crore from income tax and travel tax, and Tk95,652 crore from import duty.

The target was the same last year as well, but it was later revised to Tk301,000 crore. Against this revised target, the NBR ended up collecting around Tk260,000 crore at the end of FY21.

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