Revenue collection marks 25pc growth in 7 months
Wednesday, 13 February 2008
Shakhawat Hossain
The country's overall revenue generation growth recorded at nearly 25 per cent during July-January of fiscal 2007-08 over that of the same period of the previous year, official sources said.
This is a record revenue growth in a seven-month period.
The National Board of Revenue (NBR) that collected Tk 234.83 billion until January. The first six months of the year saw a revenue growth at 22 per cent.
"This is an excellent achievement for the revenue board, which was under pressure for its poor performance during the past couple of fiscals," said a senior official.
This is also a good news for the country's overall economy, which has been hit by soaring inflation, successive floods and devastating cyclone Sidr.
The official attributed improved performances by the customs and the value added tax (VAT) departments, which made 21 per cent and 20 per cent growth respectively, to higher revenue growth.
Both the departments, which are responsible for collecting nearly 74 per cent of the annual revenue target, were struggling to maintain growth at around 15 to 16 per cent until December due to slowdown of business activities.
The NBR, encouraged by the impressive revenue growth, is planning to make upward revision of its annual revenue target, which is now at Tk 438.50 billion.
The income by the customs department stood at Tk 103.52 billion in the first seven months of the fiscal compared to Tk 85.81 billion during the same period of the last fiscal.
The country's overall revenue generation growth recorded at nearly 25 per cent during July-January of fiscal 2007-08 over that of the same period of the previous year, official sources said.
This is a record revenue growth in a seven-month period.
The National Board of Revenue (NBR) that collected Tk 234.83 billion until January. The first six months of the year saw a revenue growth at 22 per cent.
"This is an excellent achievement for the revenue board, which was under pressure for its poor performance during the past couple of fiscals," said a senior official.
This is also a good news for the country's overall economy, which has been hit by soaring inflation, successive floods and devastating cyclone Sidr.
The official attributed improved performances by the customs and the value added tax (VAT) departments, which made 21 per cent and 20 per cent growth respectively, to higher revenue growth.
Both the departments, which are responsible for collecting nearly 74 per cent of the annual revenue target, were struggling to maintain growth at around 15 to 16 per cent until December due to slowdown of business activities.
The NBR, encouraged by the impressive revenue growth, is planning to make upward revision of its annual revenue target, which is now at Tk 438.50 billion.
The income by the customs department stood at Tk 103.52 billion in the first seven months of the fiscal compared to Tk 85.81 billion during the same period of the last fiscal.