Misses target by Tk 122cr despite 21pc growth
The National Board of Revenue collected Tk 7,772.64 crore in revenue in July, the first month of the current fiscal year, posting a Tk 1,341-crore or 20.84 per cent increase from the amount collected in the same month of the last fiscal year, the NBR data released on Thursday showed.
NBR officials said despite the growth the revenue board fell short of its collection target for the month of the FY 2013-14 by Tk 122.24 crore due mainly to its failure in collecting income tax in the period.
They said that the revenue board had set a collection target of Tk 7,894.88 crore for the month.
In July, 2012, the revenue board had collected Tk 6,431.62 crore in taxes.
According to the NBR data, the revenue board achieved significant growth in the overall revenue collection in July this year as the value-added tax collection saw a growth at 33.24 per cent and income tax collection grew by 28.11 per cent while customs duties collection increased by 7.68 per cent.
The VAT wing collected Tk 2,897.21 crore against the target of Tk 2,790 crore.
The customs wing collected Tk 2,990.89 crore, slightly lower than the target of Tk 2,991 crore.
The income tax wing collected Tk 1,837.13 crore against the target of Tk 2,030 crore.
According to the NBR data, earnings from export duties fell by 72.45 per cent in July this fiscal year than that of the same month of the last fiscal year while collection from supplementary duties in import level, excise duty and other taxes also fell significantly in the month.
Revenue earnings from export duty stood at Tk 1 crore in July this year from Tk 3.63 crore in July last year, the data showed.
NBR officials said usually revenue collection remains dull in the first two or three months of a fiscal year.
But it would increase from September as taxpayers would submit their income tax returns and pay taxes from the month, they said.
The officials said the NBR would intensify its efforts to collect revenue in the coming months by increasing its capacity, enhancing monitoring activities and minimising tax evasion for achieving target.
The NBR set a revenue collection target of Tk 1,36,090 crore for the FY 2013-2014.
The highest Tk 51,000 crore was envisaged to be collected from VAT, Tk 48,300 crore from income tax, Tk 35,790 crore from customs duties and Tk 1,000 crore from other taxes.
-With New Age input
