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Dhaka Tribune

Revenue collection misses Q3'FY24 target

Revenue officials could find it a tough chase to collect Tk50,000 crore on average each month in April, May and June from the existing tax base

Update : 23 Apr 2024, 06:27 PM

The National Board of Revenue (NBR) faces an uphill task of collecting Tk150,000 crore in the last quarter of the current fiscal to reach even its revised target, as the tax receipt so far shows shortfalls.

Revenue officials could find it a tough chase to collect Tk50,000 crore on average each month in April, May and June from the existing tax base, according to provisional NBR data.

Until March 2024, the National Board of Revenue (NBR) had collected 63.36% of its revised target for the entire year.

The July-March tax-revenue collection came to Tk259,000 crore, leaving a shortfall of Tk21,930 crore.

The pared-down annual target is Tk410,000 crore for FY24.

On average, the revenue board collects Tk30,000 crore in taxes each month.

However, a big chunk of revenue comes in the last month of every fiscal year with the implementation of government's development projects and intensified efforts of taxmen to reduce the shortfall.

Provisional data with the NBR also showed the tax mobilization grew 15 .21% in the July-March period of the current fiscal year compared to that of the same period last year.

The NBR data showed the revenue collection lagging behind its revised target by 36.63% in the third quarter.

Of the three wings of the NBR, income-tax and travel-tax collection marked the highest growth of 19.20% followed by VAT wing 16% and import-export taxes 10.21% in the nine months from July to March.

However, the VAT collectors netted the highest quantum of revenue, Tk86,905 crore, in Q3 while income tax amounted to Tk71,227 crore and customs wing managed Tk67,380 crore.

Customs trailed its target by Tk9,079 crore followed by income tax Tk8,448 crore and VAT Tk4,402 crore.

Last year, NBR's tax-collection target was Tk370,000 crore.

Average tax-revenue-collection growth was 10.64% in Q3. Revenue-collection growth was 8.30% in the same period last year.

Only in the month of March 2024, the NBR collected Tk33,279 crore in taxes with a 13% growth against the last corresponding period.

The collection lagged behind the target by around Tk3,368 crore in March.

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