The National Board of Revenue (NBR) is reporting that Tk90,917 crore has been submitted to the state coffers for the July to October period of the ongoing FY23, despite sluggish growth in October.
During the same four-month period a year ago, it was Tk79,622 crore.
The overall tax receipts grew 14.18% or Tk11,295 crore during this period year-on-year (YoY), according to the NBR's provisional data.
Data analysis also shows that tax collection by the NBR posted a 10% year-on-year growth to Tk23,790 crore in October.
However, this growth was 16% during the same month in FY22.
Similarly, the collection of tariffs from imported items grew 13.6% to Tk29,936 crore in the four months ending in October, compared to the same period a year ago.
The NBR also registered a 21.3% spike in customs duty collection in the same period of FY22.
Regarding slow growth in October, economists said that because of import tightening by the Bangladesh Bank, customs duty took a hit.
Former NBR chairman Dr Muhammad Abdul Majid told Dhaka Tribune: “This is a reflection of our overall economic situation. I think the collection of customs duties slowed because of the restrictions on the import of non-essential items. Imports of high-duty items continue on a declining trend.”
“We had seen a few months ago that customs duty revenue increased due to high prices in the international market. But now it was gradually decreasing again," he added.
However, the collection of value-added tax (VAT) from domestic businesses soared 16% YoY to Tk34,197 crore in July-October of FY23.
During the period, income tax collection grew 12% YoY to Tk26,783 crore.
