NBR mobilises Tk 397b in 11 months of FY '08
FE Report | Monday, 16 June 2008
The National Board of Revenue (NBR) collected Tk 397.28 billion revenue in the first 11 months of the current fiscal. The amount is equivalent to 86.42 per cent of the revised target for the fiscal.
The government, for the first time in the country's history, has made an upward adjustment of the revenue target to Tk 459.70 billion from the original target Tk 438.50 billion.
Although the NBR has collected Tk 76.36 billion or 23.80 per cent more revenue than that of the same period in previous fiscal, it is required to collect Tk 62 billion in June to achieve the revised revenue target.
Up to the month of May of the current fiscal, the income tax department collected Tk 88.15 billion while the customs department collected Tk 169.87 billion and the Value Added Tax (VAT) unit Tk 135.11 billion.
Of the total collection, income tax contributed 22 per cent, customs 43 per cent and VAT 34 per cent.
Speaking at a press conference at the NBR conference room Sunday, the revenue board chief Muhammad Abdul Mazid said: "The revenue board has been able to collect more revenue in the current fiscal due to some effective steps including strengthening of tax compliance, cooperation from task forces and realisation of arrear revenue."
Usually the last month (June) of every fiscal contributes a major portion of total revenue earning, but this year could be an exception, Mr. Mazid said.
The government has withdrawn the provision of deduction upfront tax from Treasury bond in 2007-08, which will cause Tk 7.0 billion revenue loss to the NBR, he said.
Poor implementation of Annual Development Programme (ADP), curtailing of the auditing power of taxmen for universal self-assessment taxpayers, sluggish trend in construction sector will also cause significant amount of revenue loss in the current year.
The NBR chairman said he is optimistic about achieving revenue target in the upcoming fiscal, as there will be national election in the fiscal.
"The candidates will pay more taxes, we will cash in more money from them," he said.
"We are planning to expand tax offices to the district level and from where taxmen will communicate with the potential taxpayers at the upazilla level."
The government, for the first time in the country's history, has made an upward adjustment of the revenue target to Tk 459.70 billion from the original target Tk 438.50 billion.
Although the NBR has collected Tk 76.36 billion or 23.80 per cent more revenue than that of the same period in previous fiscal, it is required to collect Tk 62 billion in June to achieve the revised revenue target.
Up to the month of May of the current fiscal, the income tax department collected Tk 88.15 billion while the customs department collected Tk 169.87 billion and the Value Added Tax (VAT) unit Tk 135.11 billion.
Of the total collection, income tax contributed 22 per cent, customs 43 per cent and VAT 34 per cent.
Speaking at a press conference at the NBR conference room Sunday, the revenue board chief Muhammad Abdul Mazid said: "The revenue board has been able to collect more revenue in the current fiscal due to some effective steps including strengthening of tax compliance, cooperation from task forces and realisation of arrear revenue."
Usually the last month (June) of every fiscal contributes a major portion of total revenue earning, but this year could be an exception, Mr. Mazid said.
The government has withdrawn the provision of deduction upfront tax from Treasury bond in 2007-08, which will cause Tk 7.0 billion revenue loss to the NBR, he said.
Poor implementation of Annual Development Programme (ADP), curtailing of the auditing power of taxmen for universal self-assessment taxpayers, sluggish trend in construction sector will also cause significant amount of revenue loss in the current year.
The NBR chairman said he is optimistic about achieving revenue target in the upcoming fiscal, as there will be national election in the fiscal.
"The candidates will pay more taxes, we will cash in more money from them," he said.
"We are planning to expand tax offices to the district level and from where taxmen will communicate with the potential taxpayers at the upazilla level."