Tax-revenue receipts in November registered a record 23.34 per cent growth over the corresponding month last year, raising hope among the taxmen about crossing the target for the current fiscal year.
The National Board of Revenue (NBR) collected an aggregate amount of Tk 120.68 billion in November alone. The single-month collection was Tk 97.29 billion last year.
Hefty revenue receipts in the month of November contributed to higher aggregate growth, about 14 per cent, in the first five months of the financial year (FY) 2015-16.
In the five-month period, the NBR collected Tk 544.07 billion against Tk 477.30 billion in the corresponding period. However, target for the July-November period was higher at Tk 627.15 billion.
On the missing of the target, NBR sources said revenue collection gets a boost at the fag-end of a fiscal with higher implementation of the Annual Development Programme (ADP).
In November, the Value Added Tax (VAT) wing posted the highest growth of 32.49 per cent followed by customs 26.72 per cent and income tax 10.77 per cent.
On slow growth of income-tax collection, the NBR sources said within December the income-tax wing will regain its growth as it will receive a big chunk of tax installment from corporate taxpayers.
In the first four months of the current FY, aggregate revenue- collection growth was 10.44 per cent.
Month-wise, revenue growth was .55 per cent, 7.72 per cent and 9.60 per cent in July, August and September respectively.
In the current fiscal, the government has set an ambitious 29 per cent growth target in revenue collection to take the total to Tk 1.76 trillion.
Talking to the FE Monday, NBR chairman Nojibur Rahman expressed his confidence about achieving the target.
Although many termed the revenue-collection target 'ambitious' the NBR chief said the strategic and budget-implementation plans of the board started working effectively as is reflected in the upward trend of revenue collection in November.
He said the NBR is maintaining close contact with the stakeholders, chambers and trade organizations, placing right people in right place. And they are getting "unprecedented support" from the young generation.
"We will hold a motivational programme with taxpayers with the presence of lawmakers of the respective constituency," he said.
On December 15, a motivational programme will be held in presence of the state minister for power, he added.
"The NBR aims to expand the tax net instead of imposing tax burden on existing taxpayers," he said.
It is also expediting disposal of court cases through the help of the attorney-general office.
Businesses community is positively motivated for activating the Alternative Dispute Resolution (ADR), he added.
Average revenue-collection growth had been 15 to 20 per cent since independence but the NBR achieved 17.28 per cent growth in FY 2014-15.
Last year, the revenue board collected Tk1.37 trillion, exceeding its target set at Tk 1.35 trillion.
In November, VAT collection posted an impressive growth due to strict monitoring and collection of arrears from different companies.
Chittagong VAT commissionerate achieved the highest growth of about 138.91 per cent in November. Large Taxpayers Unit (LTU) collected 40.45 per cent while Chittagong customs house 17.83 per cent.
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