Revenue collection by the National Board of Revenue grew by only 8.54 per cent in July, first month of the current fiscal year, due to lower performance by the all three major wings of the revenue board, officials said. The growth rate sharply fell in the period compared to that of previous year when the revenue collection grew by 20.84 per cent, they said. According to the NBR statistics published last week, it collected only Tk 7,987.62 crore in July of FY 2014-2015 while in the same month of the last year the amount was Tk 7,358.84 crore.
In July of the FY 2014-2015, revenue earnings grew slow because of fall in revenue collection from the big taxpayer companies like tobacco due to their poor business performance in the period, officials said.
The prevailing dull business activities in the country also contributed to the sluggish growth in revenue earnings, they said.
According to the NBR data, revenue earnings from income tax, VAT and customs duty collection grew by only 10.09 per cent, 8.02 per cent and 7.76 per cent respectively.
In July last year, the growth rate of income tax, VAT and customs duty was 28 per cent, 33 per cent and 7.68 per cent respectively, the data showed.
Traditionally, there is no set target for revenue collection in the first month of a fiscal year.
In July, the revenue board collected Tk 2,774.18 crore in customs duty, Tk 3,131.39 crore in VAT, Tk 2,023.65 crore in income tax and Tk 58.40 crore in other taxes.
The NBR set a revenue collection target of Tk 1,49,720 crore for the entire fiscal year.
Of which, Tk 56,580 crore is expected to come from income tax, Tk 56,500 crore from VAT, Tk 35,720 crore from customs duty and Tk 920 crore from other taxes. – See more at: http://newagebd.net/46560/revenue-grows-by-only-8-54pc-in-july/#sthash.TWr2Yp5c.dpuf
-With New Age input
