The National Board of Revenue (NBR) missed the revenue collection target in the first 10 months (July-April) of the current fiscal year.
However, revenue has increased compared to the same period of the previous fiscal year.
NBR has collected Tk2,27,641.24 crore during the first ten months of FY22. The target for the period was set at Tk2,60,000 crore.
During the same period of the last fiscal year, this income was Tk1,97,583.52 crore. As a result, in the first 10 months of the current tax year, the income has increased by 15.21%.
NBR member (VAT implementation) Abdul Mannan Sikder said: “There have been a lot of positive changes in the mindset of businesses and individual taxpayers as compared to the past. In addition, field-level tax officials have tightened their monitoring system. There is good growth in revenue though it is a little less than the target.”
Sikder thinks that an increase in income tax and VAT revenue is a good aspect of improving the overall good governance of the country.
He also said: “The NBR was attaching special importance to stop tax evasion in the import-export duty system. At the same time, traders are now much more compliant in paying VAT as they accept VAT registration online. Again, in the case of direct taxes, it has been possible to bring more people under the tax net.”
The NBR member thinks that the current fiscal year's revenue collection in May and June will be even better than the first 10 months.
Analysing the sector-wise revenue collection scenario of this July-April period, it was found that Tk73,060 crore came from the customs duty, Tk84,895 crore came from the VAT while Tk69,685 crore came from the income tax and travel tax.
According to the NBR, the revenue from import-export duty in the first 10 months of the last FY2020-21 was Tk61,131.63 crore, which increased to Tk73,060.26 crore in the same period of the current tax year. In this case, the growth of revenue income in this sector has increased by 19.51%.
At the same time, income tax collection has increased by 16.78%. During the first 10 months of FY21, the revenue from this sector was Tk59,670.21 crore. In FY22, it increased to Tk69,685.77 crore.
Like customs and income tax, VAT revenue has also increased. In the first 10 months of the previous tax year, the amount of VAT revenue income was Tk76,781.68 crore, which has increased to 84,895.21 crore this year. The growth in this sector is 10.57%.
