Income-tax collection for government exchequer in the first quarter of the current fiscal year (FY) fell short of an even curtailed target by Tk 12.43 billon.
Officials attributed the shortfall largely to a deficit in receipts from corporate businesses.
The income-tax wing of the National Board of Revenue (NBR) collected Tk 106.90 billion in the July-September period against its target of Tk 119.34 billion.
"All the major tax zones faced shortfalls against respective targets in the first quarter," said an official concerned.
However, income-tax collection posted a 12.42 per cent growth in the first three months of the current fiscal year compared to that of the same period in previous fiscal.
Official data show large taxpayers unit (LTU) alone counted a Tk 7.58 billion shortfall against its set target, triggering the aggregate deficit handed to the income-tax wing of the revenue board.
They, however, hold the hope that the collection would increase significantly in the second quarter as a large number of individual taxpayers will submit tax returns by November 30-the cutoff time this time around for paying the tax.
Many of the corporate taxpayers will also submit their tax returns by their scheduled deadline-December 30. A large chunk of tax money would come from the corporate houses.
A senior tax official said the government lowered corporate tax- collection target this year following last year's slim growth in operating profits of the commercial banks.
This is for the first time that the revenue board set lower target, less by Tk 19.85 billion, for the LTU under the income-tax wing.
The NBR has fixed Tk 177.95 billion as target for the unit in FY 2016-17, down from Tk 197.80 of FY 2015-16.
   doulot_akter@yahoo.com
Q1 income tax receipt well below target
Doulot Akter Mala | Published: November 15, 2016 00:00:00 | Updated: February 01, 2018 00:00:00
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