Tax-revenue collection grew by 15.38 per cent in the first month of the current fiscal year (FY), 2023-24, due to a hefty rise in VAT collection following the inflationary pressure.
VAT collection grew by 21.51 per cent in July compared to that of the corresponding month last year, according to the National Board of Revenue's (NBR) provisional data.
However, the aggregate tax revenue collection in the month fell short of its target by Tk 18.65 billion. The NBR collected Tk 205.61 billion as taxes in July against its target of Tk 224.27 billion.
Its three wings missed their targets in the month. Among the wings, shortfall in income tax collection was the highest worth Tk 20.67 billion, followed by VAT Tk 3.29 billion, and customs Tk 5.31 billion.
Income tax collection grew by 10 per cent, while that of import-export by 14 per cent.
The VAT wing collected revenue worth Tk 76.54 billion in July, followed by the customs wing Tk 76.93 billion, and the income tax wing Tk 52.13 billion.
The government has set Tk 4.30 trillion revenue collection target for FY 2023-24. Average revenue collection growth was 10.64 per cent during the last five years.
The NBR achieved 10.19 per cent growth in tax revenue collection in July of FY 2022-23 over the corresponding period of the previous year. Growth of the customs wing was 3.70 per cent, the VAT wing 15.68 per cent, and the income tax wing 10.03 per cent.
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