But falls short of target
The National Board of Revenue failed to achieve its revenue collection target from income tax set for July-January, although the revenue collection from the sector grew by 28.84 per cent in the period compared with the corresponding period of the previous year.
According to the provisional data prepared by the NBR, the income tax wing fell short by Tk 45 crore as it managed to collect Tk 15,352 crore in July-January against the target of Tk 15,397 crore.
Revenue earnings, however, grew by Tk 3,436 crore in the first seven months of the current fiscal year compared with the same time of the last fiscal year when the NBR had collected Tk 11,916 crore, the data showed.
The income tax revenue collection fell in the second consecutive months after five months of continuous success in achieving targets mainly due to drop of tax at source from different sectors and slump of advance income tax driven by fall of import in previous months, NBR officials said.
They said the NBR also set a higher target for all of the 31 income tax zones of the board for the period.
The NBR, however, exceeded its revenue collection target from income tax by Tk 132 crore in January as it collected Tk 2,362 crore against the target of Tk 2,230 crore, the data showed.
The tax administration has set a target of Tk 35,300 crore revenue collection from income tax for the entire 2012-13 fiscal year.
Officials said that revenue earnings from income tax would increase in the coming months as many corporate taxpayers would pay their income taxes in the last quarter of the fiscal year.
Usually, more than 25 per cent of revenue from income tax is collected in the last month of the fiscal year, they said.
Courtesy of New Age
