The National Board of Revenue (NBR) reported a shortfall of Tk 48.70 billion (4870 crore) in the July-August revenue collection of the current fiscal year, according to the government agency, reports UNB.
According to NBR, the revenue collection in July-August stood at Tk 462.33 billion (46,233 crore), against the target of Tk 503.21 billion (50,321 crore). Despite the shortfall, revenue collection in these two months saw a growth of 14.74 per cent.
The highest revenue in the first two months of FY2023-24 came from Value Added Tax (VAT). However, it was not possible to achieve the target of VAT and income tax sectors.
The target of VAT collection in July-August was Tk 190.85 billion (19,085 crore), where Tk 179.40 billion (17,940 crore) has been collected. Although the growth has been 19.34 per cent, there is a shortfall of Tk 11.44 billion (1,144 crore) compared with the target.
At the same time, income tax and travel tax collection fell by Tk 29.58 billion (2958.16 crore) in July-August. The target was Tk 150.59 billion (15,059 crore), and the collection was Tk 121 billion (12,100.84 crore). Despite a shortfall of the target, there is a 16.39 per cent growth in tax collection.
Despite the foreign exchange crisis, the customs duty collection from imports and exports has increased comparatively.
In the first two months of FY2023-24, the target of customs duty was Tk 161.77 billion (16,177.5 crore). Tk 161.92 billion (16,192.12 crore) was collected in July-August. The growth in this sector was 8.94 per cent and Tk 145 million (14.5 crore) more in revenue came from customs duty.
NBR's revenue collection target for the current financial year is set at Tk 4.3 trillion (4.30 lakh crores), Tk 1.59 trillion expected from VAT, Tk 1.54 trillion from income tax, and Tk 1.16 trillion from import-export duty.
