Income tax collection by the National Board of Revenue grew by 28 per cent in the first month of current fiscal year 2013-14, officials of the NBR said.
In July, the revenue board collected Tk 1,837 crore in income tax, which is Tk 425 crore higher than that of the last fiscal year, provisional data of the NBR showed.In July 2012, the NBR had collected Tk 1,412 crore in income tax.
Though the NBR achieved significant growth in income tax collection in the period, it lagged behind in target for the month by Tk 193 crore, according to data.
The NBR had set a target of collecting Tk 2,030 crore in the month from its 31 income tax zones across the country.
Officials said that 25 tax zones surpassed their collection target while the remaining 6 tax zones lagged behind their targets.
The revenue board has fixed revenue collection target in income tax at Tk 48,300 crore with the highest ever growth rate at 36.82 per cent compared with the last FY 2012-13. The target is up by Tk 13,000 crore than the target of Tk 35,300 crore for the last fiscal year.
A senior NBR official told New Age on Tuesday that though they lagged behind the target, they were satisfied with the growth as usually in the first month of the fiscal year income tax collection remains slower.
From next month, income tax collection will begin to increase as individual tax payers will start to pay tax, he said.
Total revenue earning target has been fixed for the current fiscal year at Tk 1,36,090 crore with 21.15 per cent growth compared with target set for last fiscal year.
Revenue earnings from income tax in last year, however, surpassed its target by 1,178.74 crore with 27.31 per cent growth as it collected Tk 36,472 crore against the target of Tk 35,300 crore though the overall revenue collection fell short of Tk 3,386 crore, according to NBR data.
-With New Age input
