Import taxes boost revenue collection

The National Board of Revenue (NBR) achieved 15.27 per cent growth in tax revenue collection until April of the current fiscal year against the corresponding period last year.
The NBR collected Tk 2.27 trillion taxes in the first ten months of the current FY.
According to a provisional data of NBR, released on Tuesday, the revenue authority have to collect Tk 1.02 trillion more in the months of May and June to achieve its target for the FY. The government has set Tk 3.30 trillion revenue collection target for the FY 2021-22.
This year, the Ministry of Finance did not cut the NBR's target as a significant amount of taxes came from import of products due to price hike in the international market.
Import taxes grew by 19 per cent in the first ten months of the current FY followed by VAT 10.59 per cent and Income tax and travel tax 17 per cent. VAT wing collected Tk 849.16 billion, income tax wing Tk 697.79 billion and customs wing Tk 611.31 billion in July-April period.