The National Board of Revenue (NBR) collected Tk301,634 crore as revenue in the last fiscal year (FY22) with a healthy growth of 16.09%.
"The revenue collection in the last fiscal year (FY22) was Tk41,734 crore higher or 16.09% higher than the previous fiscal year (FY21)," said NBR Chairman Abu Hena Md Rahmatul Muneem while addressing a press conference at the NBR Bhaban in the capital's Segunbagicha area.
He, however, informed that the revenue collection by the NBR in the last fiscal year was lower than the fiscal target of Tk330,000 crore.
Muneem said, "Although the revenue collection by the NBR was 8.6% lower than the fiscal target, the growth that we've achieved can't be termed as bad considering the slow growth and current situation of the global economy."
The NBR chairman informed that out of the overall revenue collection by the NBR in the last fiscal, Tk89,423.80 crore came from customs with a growth of 15.9%, Tk108,418.23 crore came from VAT having a growth of 11.9% while the rest of Tk103,791.81 crore came from income tax and travel tax with a growth of 21.79%.
Talking about fulfilling the revenue collection target in the current fiscal year, he said that efforts would be there to collect more revenues through expanding the income tax net.
The NBR Chairman said that it has been made mandatory for submitting income tax return certificates for availing various government certificates in the budget, and the initiative is expected to expand the tax net significantly in the current fiscal year.
NBR encouraging ‘Made in Bangladesh’
Through policy measures and tax incentives, NBR is encouraging ‘Made in Bangladesh’ along with the expansion of domestic industries and employment, the NBR Chairman said.
This will be continued even if some particular sectors are getting 10 years tax holiday facility, he added.
Now, the revenue board earns 33% of revenue from income tax, 38% from Value Added Tax (VAT), and 28% from import duty excise duty.
“We are planning to extend tax net and VAT collection areas along with monitoring its submission to the treasury,” Muneem said.
The NBR is achieving a 7% growth in revenue collection. The country’s GDP size has become Tk444,999 crore in FY2022-23, a rise of 556% compared to Tk797,538 crore in FY2009-10, he said.
At present, NBR is supporting 85% of the budget from internal resources. Both the ADP size and foreign dependency on ADP implementation came down over the years as the impact of people's contribution to revenue, the NBR chief said.
In FY2010-11, the size of ADP was Tk35,880 crore which now climbed to Tk217,175 crore in FY2021-22. Similarly, the contribution of revenue increased in ADP implementation and the ratio of foreign loans in the ADP implementation decreased, he added.
NBR members Abdul Mannan Shikder, Shams Uddin Ahmed, Zakia Sultana, among others, were present at the press conference.
