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Dhaka Tribune

Income tax falls Tk4,300cr short of target in 7 months

Update : 16 Feb 2014, 06:18 PM

Income tax collection by the National Board of Revenue (NBR) in the first seven-month  of the current fiscal year (July-January) fell short of target by Tk4,300 crore mainly due to excessive target amid volatile political scenario.

According to the provisional data, the revenue board collected only Tk18,300 crore in income tax in the first seven months of the FY 2013-14 against the target of Tk22,600crore. 

“The NBR fell short of Tk800 crore in January as it was able to collect Tk2,700 crore against its target of Tk3,500crore set for the month,’’ said NBR officials.

All the income tax offices, excepting two have failed to achieve their revenue target, they added.

The NBR officials have categorically blamed the finance ministry for the poor revenue collection as it had earlier set a highly ambitious target despite the political turmoil.

“So, the revenue shortfall is not at all unexpected to us.”

“We were unable to reach the target at the end of the fiscal year due to the highest target set for us. We are taking preventive measures, but those will not work if the target is not lowered,” said a NBR official.

He, however, hinted that the revenue target would be lowered in the revised budget.

The NBR has been assigned to collect Tk48,300 crore for the FY2013-14 with 36.82% growth.

In 2012-13 fiscal, revenue collection grew by over 14% to Tk109,216 crore against the target of Tk1,12,259 crore. For the current fiscal year, the revenue collection target is set at Tk136,090 crore with a growth target of 21%. 

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