Tax-revenue collection marks 14pc growth in two months

FE Team | Published: September 21, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The government's tax-revenue collection registered a 14 per cent growth during the first two months of the current fiscal over the corresponding period of last fiscal, despite a significant shortfall against the target.
The National Board of Revenue (NBR) collected taxes amounting to nearly Tk 57.54 billion during July-August period of 2007-08 fiscal while it was Tk 50.47 billion in the same period of the last fiscal, official figures showed.
The growth was achieved mainly due to additional collection of income tax under the special facility of the government offered for legalising undisclosed income.
Initially, the NBR issued a statutory regulatory order (SRO) on June 5 last, giving the facility to legalise undisclosed income within July 31 by paying extra 5.0 per cent on top of applicable rate of tax. The deadline to avail the facility was later extended until September 30.
The NBR had recorded a 52.29 per cent growth in the collection of income tax during July-August period in 2007-08 over the corresponding period of last fiscal.
Despite such a significant increase in the collection of income tax, the government's overall tax-revenue fell short of the target by about 21 per cent in the period under review.
The government has set the tax-revenue collection target at Tk 438.50 billion for fiscal year 2007-08.
Of the total target, collection of income tax was over Tk 10.38 billion in the first two months of 2007-08 fiscal compared to nearly Tk 6.82 billion in the same period of last fiscal.
A senior NBR official informed the FE that the board had realised Tk 4.73 billion as both normal and penal taxes through legalising untaxed money worth of Tk 27.37 billion until September 18.
The official also said some 17,201 persons had availed themselves of such facility until the said period.
On the other hand, the collection of value added tax (VAT) registered an 11.82 per cent growth during the July-August period of the current fiscal over the corresponding period of the last fiscal.
The NBR collected Tk 21.02 billion as VAT during the first two months of this fiscal while the amount was Tk 18.79 billion in the same period of the 2006-07 fiscal, figures showed.
However, the NBR collected over Tk 25.66 billion in the form of customs duties during July-August period of current fiscal, which was 5.0 per cent higher at Tk 24.44 billion collected in the corresponding period of last fiscal.