The National Board of Revenue (NBR) collected 70 per cent of its revised revenue target in the first three quarters until March, with hopes running high to achieve its target in the current fiscal year (FY) 2015-16.
The board collected Tk 1.05 trillion in tax revenue during the July-March period which is almost two-thirds of the revised target of Tk 1.50 trillion.
The NBR has to collect Tk 445.68 billion or the remaining 30 per cent during the April-June period to achieve the target.
Considering the slow growth of tax revenue collection in line with the performance of the other economic indicators the government, earlier, revised the aggregate tax revenue collection target to Tk 1.50 trillion from its original target of Tk 1.76 trillion in FY 2015-16.
Accordingly, it has revised the income tax, Valued Added Tax (VAT) and customs duty collection targets downward with the revision of the aggregate target.
The revised target for income tax has been set at Tk 534.36 billion from the original Tk 659.32 billion.
The reduced target for VAT wing has been fixed at Tk 540.64 billion against the original Tk 639.02 billion.
The customs wing has to collect Tk 425 billion as per the new target against Tk 465.36 billion.
In the three quarters income tax collection grew by 14.44 per cent to Tk 331.78 billion.
Domestic VAT collection also posted a 14.34 per cent growth during July-March period over the corresponding period. Tk 399.15 billion has been collected in VAT during that period.
Customs duty collection marked the highest growth of 19.52 per cent among the three wings. The customs department collected Tk 270.57 billion during that period.
Talking to the FE, a senior tax official said the officials made all-out efforts to achieve the revised targets of the tax revenue collection.
"The board has taken some significant initiatives to realise a large amount of pending arrears lying with the different entities in the form of income tax, VAT and customs duties," he said.
Also, early disposal of court cases will help the NBR to realise stuck-up revenue, he said. The government has set the tax revenue collection target for the upcoming FY at Tk 2.3 trillion.
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