NBR, however, falls short of target
Revenue collection by the National Board of Revenue grew by 17.09 per cent or Tk 3,615 crore in the first quarter of the current fiscal year compared with that in the same period of the last fiscal year, the NBR data released on Tuesday showed. Despite a healthy growth in the revenue collection, the NBR fell short of target for the period by Tk 1,313.43 crore or 5.14 per cent, the data showed.
The revenue board collected Tk 24,647.15 crore in the first three months of the fiscal year against the target of Tk 25,960.58 crore.
All the three wings of the revenue board failed to achieve their respective collection targets in July-September of the FY 2013-2014 that widened the shortfall in the period, NBR officials said.
They said slower growth in the revenue collection from the sub-sectors of export and import duties, value-added tax at import stage, and negative growth in revenue earnings from supplementary duty at import level, excise duty and taxes from other sources resulted in the deficit in the period.
‘Political uncertainty and stagnation in business along with large target of revenue collection set for the year are the key reasons for the slower growth in the revenue collection,’ said a high NBR official.
If the existing situation prolongs, the official said possibility of attaining the collection target would become uncertain.
The growth in the revenue collection in July-September, however, was slower compared with the growth target of around 22 per cent set by the NBR for the entire year.
According to the NBR data, the shortfall in revenue collection widened further in September, third month in a row.
Deficit in revenue collection was Tk 1,015 crore in August while it was only Tk 122.24 crore in July, first month of the financial year.
According to the NBR data, in July-September the revenue earning from VAT, customs duties, income tax and other taxes fell short of the target by Tk 497.87 crore, Tk 429.35 crore, Tk 279.84 crore and Tk 106.37 crore respectively.
In the period, the NBR collected Tk 8,128.51 crore in customs duties, Tk 9,059.04 crore in VAT, Tk 7,316.16 crore in income tax and Tk 143.44 crore in other taxes.
The targets of collection were Tk 8,557.86 crore in customs duties, Tk 9,556.91 crore in VAT, Tk 7,596 crore in income tax and Tk 249.81 crore from other sources in the period.
In the period, collection of customs duties grew by 4.64 per cent, that of VAT by 21.87 per cent, that of income tax by 28.29 per cent and that from other sources grew by negative 2.50 per cent, the data showed.
The NBR set a revenue collection target of Tk 1,36,090 crore for the FY14.
The highest Tk 51,000 crore was envisaged to be collected in VAT, Tk 48,300 crore in income tax, Tk 35,790 crore in customs duties and Tk 1,000 crore in other taxes.
-With New Age input
