The National Board of Revenue exceeded its revenue collection target from income tax in the first month of the current fiscal year by Tk 86 crore with a 32.48 per cent growth, NBR officials said on Tuesday.
In July, the revenue board collected Tk 1,434 crore in income tax, which is Tk 352 crore higher than that of the last fiscal year, provisional data of the NBR showed.
The NBR had set a target of collecting Tk 1,348 crore in July from its 31 income tax zones across the country. Officials said that 20 tax zones surpassed their collection target while the remaining 11 tax zones were lagging behind their targets.
Revenue earnings from income tax in the concluded fiscal year of 2011-12 also exceeded its target and the collection was Tk 28,261.87 crore with 22.79 per cent annual growth against the target of Tk 27,861 crore.
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 hoped they would be able to achieve the target as the revenue board has strengthened its collective efforts and monitoring.
The revenue board plans to reduce dependence on indirect tax such as import duties and value-added tax and increase revenue earnings from direct tax or income tax.
As part of this plan, the NBR has already prepared a draft of Direct Tax Act-2012, giving emphasis on widening the income tax net. The act will be placed in the cabinet soon for approval.
Online tax payment and prevention of tax evasion will be given importance in the new direct tax act.
-With New Age input
