Q1 revenue earning grows by 18pc

FE Team | Published: October 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The government's tax-revenue collection grew by more than 18 per cent during the first quarter (Q1) of the current fiscal over the corresponding period of last fiscal, thanks to an unusual rise in the mobilisation of income tax through a government provision for legalising untaxed money.
The National Board of Revenue (NBR) collected revenue amounting to Tk 91.03 billion during the July-September period of the 2007-08 fiscal while the amount was about Tk 73.75 billion in the same period of the last fiscal, official figures showed.
The government offered a facility to legalise undisclosed income during last June-September period by paying 5.0 per cent in addition to the normal rate of tax.
A sum of Tk 52.13 billion was legalised by individuals during the given timeframe with the NBR receiving Tk 8.02 billion as normal and penalty tax, official sources mentioned.
"Such increased volume of income tax had pushed the government's overall revenue incomes significantly up in the Q1 of the current fiscal," a senior NBR official said.
The NBR had recorded a 42 per cent growth in the collection of income tax during the last July-September period over the matching period of the 2006-07 fiscal.
It collected income tax to the tune of over Tk 17.50 billion in the Q1 of the 2007-08 fiscal compared to about Tk 10 billion in the same period of last fiscal.
On the other hand, the collection of value added tax (VAT) also increased by nearly 12.50 per cent during the July-September period of the current fiscal over the corresponding period of the last fiscal.
The NBR collected Tk 31.04 billion as VAT during the first quarter of this fiscal while the amount was nearly Tk 27 billion in the same period of the 2006-07 fiscal, said an official.
After sustaining a poor growth trend over the past few years, the collection of customs duties went up significantly during the last July-September period.
According to the figures, the collection of customs duties rose by nearly 14.70 per cent to Tk 40.30 billion in the Q1 of the current fiscal against Tk 34 billion in the corresponding period of last fiscal, the figures revealed.