Tax-revenue collection rises by 19pc
Friday, 12 September 2008
S M Jahangir
The government's overall tax-revenue collection grew by nearly 19 per cent during the first two months of the current fiscal over the corresponding period of last fiscal, reflecting a lower-than-expected rate of growth, official sources said.
The National Board of Revenue (NBR) collected revenue amounting to nearly Tk 70.86 billion during the July-August period of 2008-09 fiscal while the amount was Tk 59.61 billion in the matching period of the last fiscal, provisional official figures showed.
Official sources attributed the less-than-expected growth rate to poor collection of income tax in the past July-August period against the corresponding period of last fiscal.
Referring to figures, they said the NBR collected income tax to the tune of over Tk 11.30 billion in the first two months of the 2008-09 fiscal, registering a 1.70 per cent growth over the corresponding period of last fiscal.
On the other hand, the NBR recorded a 52.29 per cent growth in the collection of income tax during the last July-August period over the matching period of the 2006-07 fiscal following realisation of a significant amount of tax from undisclosed income.
The NBR collected Tk 11.11 billion as income tax during the July-August period of the 2007-08 fiscal, official figures showed.
The NBR officials, however, predicted a further rise in the collection of income tax in the months ahead following the submission of income-tax returns and realisation of more tax though legalising untaxed money as has been offered by the government for the July-October period.
On the other hand, the collection of value added tax (VAT) registered a 10.78 per cent growth during the July-August period of the current fiscal over the corresponding period of the last fiscal.
The NBR collected Tk 24.06 billion as VAT during the first two months of the current fiscal while the amount was Tk 21.72 billion in the corresponding period of 2006-07 fiscal, figures showed.
After sustaining a poor growth trend in the past couple of years, the collection of custom duties increased significantly by about 34 per cent in the July-August period of the current fiscal.
The NBR collected over Tk 34.76 billion in the form of customs duties during the first two months of the 2008-09 fiscal compared to Tk 25.79 billion in the matching period of the last fiscal, the provisional figures revealed.
On the other hand, the government's revenue collection from other sources declined to Tk 740 million during the July-August period of the current fiscal from Tk 970 million in the corresponding period of the 2007-08 fiscal.
The government has set the overall tax-revenue collection target at Tk 545 billion for the current financial year (2008-09).
The government's overall tax-revenue collection grew by nearly 19 per cent during the first two months of the current fiscal over the corresponding period of last fiscal, reflecting a lower-than-expected rate of growth, official sources said.
The National Board of Revenue (NBR) collected revenue amounting to nearly Tk 70.86 billion during the July-August period of 2008-09 fiscal while the amount was Tk 59.61 billion in the matching period of the last fiscal, provisional official figures showed.
Official sources attributed the less-than-expected growth rate to poor collection of income tax in the past July-August period against the corresponding period of last fiscal.
Referring to figures, they said the NBR collected income tax to the tune of over Tk 11.30 billion in the first two months of the 2008-09 fiscal, registering a 1.70 per cent growth over the corresponding period of last fiscal.
On the other hand, the NBR recorded a 52.29 per cent growth in the collection of income tax during the last July-August period over the matching period of the 2006-07 fiscal following realisation of a significant amount of tax from undisclosed income.
The NBR collected Tk 11.11 billion as income tax during the July-August period of the 2007-08 fiscal, official figures showed.
The NBR officials, however, predicted a further rise in the collection of income tax in the months ahead following the submission of income-tax returns and realisation of more tax though legalising untaxed money as has been offered by the government for the July-October period.
On the other hand, the collection of value added tax (VAT) registered a 10.78 per cent growth during the July-August period of the current fiscal over the corresponding period of the last fiscal.
The NBR collected Tk 24.06 billion as VAT during the first two months of the current fiscal while the amount was Tk 21.72 billion in the corresponding period of 2006-07 fiscal, figures showed.
After sustaining a poor growth trend in the past couple of years, the collection of custom duties increased significantly by about 34 per cent in the July-August period of the current fiscal.
The NBR collected over Tk 34.76 billion in the form of customs duties during the first two months of the 2008-09 fiscal compared to Tk 25.79 billion in the matching period of the last fiscal, the provisional figures revealed.
On the other hand, the government's revenue collection from other sources declined to Tk 740 million during the July-August period of the current fiscal from Tk 970 million in the corresponding period of the 2007-08 fiscal.
The government has set the overall tax-revenue collection target at Tk 545 billion for the current financial year (2008-09).