15pc rise in 2 months\\\' revenue collection

The National Board of Revenue (NBR) has achieved 15 per cent growth in revenue collection in the first two months of the current fiscal year (FY).

The upward trend of domestic collection of Value Added Tax (VAT) is largely responsible for such growth.

The VAT wing collected the highest amount of revenue Tk 65.70 billion until August attaining 14.28 per cent growth over the previous fiscal year (FY).

Officials said the domestic businesses are performing well with the increase in domestic consumption of products.  

However, the NBR projected 25 per cent growth in the current FY over the previous year to achieve its aggregate revenue collection target of Tk 1.49 trillion.

The import duty collection grew by 17.08 per cent in July-August period to Tk 58.52 billion against Tk 49.98 billion in the corresponding period of last year.

Officials said the budgetary measures along with supervision and monitoring by top taxmen for collection of customs duty helped the wing attain upward growth in customs revenue.

In the budget for FY 2014-15, the NBR increased customs duty for import of petroleum products that is generating substantial amount of revenue.  

Direct tax collection achieved 13.09 per cent growth in July-August period to Tk 44.41 billion taxes until August that includes travel tax and others.

Income tax officials said the week-long income tax fair across the country helped the income tax wing collect a significant amount of revenue from individual income taxpayers. Also, expansion of net of withholding tax (tax at source) is also working as a boon for the income tax revenue.

Tax officials said increased monitoring and supervision by top taxmen helped the NBR check tax evasion.

In the current FY, the government set highest target for direct tax collection at Tk 575.00 billion while VAT for domestic sources at Tk 565 billion and export-import taxes at Tk 357.20 billion.

doulot_akter@yahoo.com