Tax collection falls short of revised target

The government's overall tax revenue collections fell short of the revised target by 29.42 per cent or Tk 242.07 billion during the July-April period of the current fiscal year (FY).
According to the provisional figures, the National Board of Revenue (NBR) collected tax revenue amounting to around Tk 2.89 trillion until April of the FY 2023-24 against the revised target of Tk 3.13 trillion.
However, the revenue earnings under the NBR registered a 15.61-percent growth during the first 10 months (July-April) of the current fiscal over the corresponding period of the last fiscal year.
The total tax revenue collections were over Tk 2.50 trillion during the July-April period of the FY 2022-23, the NBR data showed.
Of the total, the NBR collected Tk 1.13 trillion as value added tax (VAT) at the local stage until the month of April 2024, which 25.04 per cent or Tk 47.79 billion lower than the revised target of Tk 1.184 trillion for the same period.
On the other hand, the VAT collections at the local stage also grew by 16.01 per cent during the first 10 months of the FY24 compared to that of Tk 980.14 billion, according to the official figures.
Revenue collections on account of exports and imports until April of the current fiscal year also fell short of the target by 25.45 per cent to reach Tk 825.22 billion while that of income tax and travel tax missed the target by 36.89 per cent to stand at Tk 931.45 billion.
However, the earnings were 11.18 per cent and 19.33 per cent up from that of over Tk 742.21 billion and Tk 780.58 billion respectively during the July-Aril period of the FY 2022-23, according to the NBR.
Although the revenue collections under the NBR were fixed at Tk 4.30 trillion for the current fiscal year, the target was revised down to Tk 4.10 trillion a couple of months back.

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