Tax revenue collection continues to mark negative growth

Tax revenue collection continues to mark a negative growth in the current fiscal year, largely due to the economic downturn with sluggish import scenario.

The National Board of Revenue (NBR) has collected 1.03 per cent less revenue in the July-October period compared to that of the previous FY.

Provisional data of the NBR reveals that the total collection of taxes stood at Tk 1.01 trillion in the first four months against Tk 1.02 trillion in the corresponding period last year. The target for the period was Tk 1.32 trillion which the NBR missed like previous months.

Of the three wings, income tax grew by 1.78 per cent while import duty by 0.83 per cent. VAT,

however, faced the highest blow, as it declined by 4.88 per cent.

The income tax wing collected Tk 318.80 billion against its target of Tk 452.43 billion while the amount VAT was Tk 367.29 billion against the target of Tk 472.39 billion. On the other hand, Tk 326.71 billion was collected in import duties against the target of Tk 396.32 billion in the July-October period.

In October, the NBR received Tk 270.72 billion, slightly higher than the Tk 268.47 billion collected in October 2023.

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