The recent hikes in all fuel prices would enable the government to bag an extra Tk1,500 crore revenue in the ongoing fiscal year 2022-23.
The revenue is estimated to be generated from value-added tax (VAT) at sale stage.
The VAT authority of the National Board of Revenue (NBR) estimated the revenue on the basis of collection in FY 2021-22, officials said.
While the government revenue board calculates extra revenue from costlier fuels, people already begin to count higher cost of living for the multiplier impact of the price rise.
The NBR receives taxes of around 34% both from import and sale stages of fuels.
However, there is no available projection yet on additional amounts of import revenue from crude petroleum.
In 2020-21, the revenue board received Tk7,599 crore in taxes from imports of petroleum products, customs data show.
Tax collection went up sharply in FY22 following an uptrend in fuel prices on the global market.
In FY22, the government received Tk10,822 crore worth of taxes both from import and local stages on import of all types of petroleum products, according to the customs data.
The exchequer received Tk4,533 crore in VAT at sales stage in FY22.
However, VAT collection was Tk3,368 crore and Tk2,710 crore in FY21 and FY20 respectively.
There was a debate over adjustment of taxes without increasing the fuel prices under the current situation when people are struggling with inflationary pressure on living.
Responding to a question at a press conference Sunday, NBR chairman Abu Hena Md Rahmatul Muneem said the revenue board was yet to get any instruction from high-ups on reduction in taxes on petroleum prices.
