Put all-out efforts to achieve revenue earning target: NBR
Tuesday, 10 July 2007
S M Jahangir
The National Board of Revenue (NBR) directed Monday its officials concerned to put their allout efforts to reach the revenue-earning target set at Tk 438.50 billion by the government for the fiscal year 2007-08.
The NBR chairman Badiur Rahman gave the directive at a post-budget coordination meeting of the Board to discuss its revenue collection strategies for the current fiscal, a meeting source told the FE.
"You should take necessary steps from the very beginning of the current fiscal year so that the annual revenue target can be achieved," the NBR Chairman was quoted as saying.
The NBR chief, however, expressed his 'dissatisfaction' over the revenue collection performance of the just concluded fiscal year (FY), the source mentioned.
Referring to provisional figures, the meeting was informed that the tax-revenue collection for the FY 2006-07 grew by less than 9.0 per cent over the previous FY.
On the other hand, the government earmarked a 19 per cent growth to be achieved in the original budget for FY 2006-07 while fixing the total revenue collection target at Tk 411.55 billion.
But a poor collection performance led to scaling down the revenue-earning target to Tk 374.79 billion with a growth rate of 10.27 per cent, official figures showed.
Official figures also showed the total collection of tax revenue was recorded at Tk 339.87 billion in the FY 2005-06.
The last year's revenue collection fell short of the revised target by around 4.0 billion, the provisional figures revealed.
However, the NBR is expecting that the revenue shortfall could narrow down further after the final figures come up.
The NBR collected tax-revenue amounting to nearly Tk 370 billion during the just-concluded FY 2006-07.
Revenue earnings from all the sectors - income tax, value added tax and customs duty - missed their revised target for the last fiscal, officials noted.
Of the total amount, the collection of income fell short of the revised target by nearly Tk 2.25 billion, despite exceeding its original target by nearly Tk 1.69 billion.
The government revised the income tax collection target down to Tk 89.24 billion from the original target of Tk 85.50 billion, official sources said, adding the income tax marked a 21.50 per cent growth over that of the previous fiscal.
Total collections of value added tax (VAT) during the FY 2006-07 were about Tk 12.70 billion lower than the revised target at Tk 136.83 billion, the figures showed.
Besides, the NBR collected Tk 156.42 billion during the last fiscal, which was only 2.40 per cent higher than that of the previous FY.
The National Board of Revenue (NBR) directed Monday its officials concerned to put their allout efforts to reach the revenue-earning target set at Tk 438.50 billion by the government for the fiscal year 2007-08.
The NBR chairman Badiur Rahman gave the directive at a post-budget coordination meeting of the Board to discuss its revenue collection strategies for the current fiscal, a meeting source told the FE.
"You should take necessary steps from the very beginning of the current fiscal year so that the annual revenue target can be achieved," the NBR Chairman was quoted as saying.
The NBR chief, however, expressed his 'dissatisfaction' over the revenue collection performance of the just concluded fiscal year (FY), the source mentioned.
Referring to provisional figures, the meeting was informed that the tax-revenue collection for the FY 2006-07 grew by less than 9.0 per cent over the previous FY.
On the other hand, the government earmarked a 19 per cent growth to be achieved in the original budget for FY 2006-07 while fixing the total revenue collection target at Tk 411.55 billion.
But a poor collection performance led to scaling down the revenue-earning target to Tk 374.79 billion with a growth rate of 10.27 per cent, official figures showed.
Official figures also showed the total collection of tax revenue was recorded at Tk 339.87 billion in the FY 2005-06.
The last year's revenue collection fell short of the revised target by around 4.0 billion, the provisional figures revealed.
However, the NBR is expecting that the revenue shortfall could narrow down further after the final figures come up.
The NBR collected tax-revenue amounting to nearly Tk 370 billion during the just-concluded FY 2006-07.
Revenue earnings from all the sectors - income tax, value added tax and customs duty - missed their revised target for the last fiscal, officials noted.
Of the total amount, the collection of income fell short of the revised target by nearly Tk 2.25 billion, despite exceeding its original target by nearly Tk 1.69 billion.
The government revised the income tax collection target down to Tk 89.24 billion from the original target of Tk 85.50 billion, official sources said, adding the income tax marked a 21.50 per cent growth over that of the previous fiscal.
Total collections of value added tax (VAT) during the FY 2006-07 were about Tk 12.70 billion lower than the revised target at Tk 136.83 billion, the figures showed.
Besides, the NBR collected Tk 156.42 billion during the last fiscal, which was only 2.40 per cent higher than that of the previous FY.