The National Board of Revenue has fixed revenue collection target in income tax at Tk 48,300 crore with the highest growth rate at 36.82 per cent compared with the
outgoing fiscal year of 2013-2014, officials concerned said.
The target is up by Tk 13,000 crore than the target of Tk 34,300 crore for the current FY 2012-2013 with 25 per cent growth over the previous fiscal year.
The revenue board has also split the revenue collection target of Tk 1,36,000 crore for the upcoming to its other two wings — value-added tax and customs wings.
According to the NBR, the highest collection target has been set for VAT wing at Tk 51,000 crore with 26.24 per cent growth and up by Tk 10,600 crore from the current fiscal year.
The target for customs duty, however, remained almost unchanged compared with the current fiscal year as the NBR has set the target at Tk 35,790 crore with very insignificant or only 0.53 per cent growth.
In the coming fiscal year, revenue collection target in customs duty is Tk 35,600 crore.
In the last FY 2011-2012, income tax collection grew by 22.79 per cent, VAT collection by 22.96 per cent and customs duty grew by 11.82 per cent.
A senior NBR official told New Age on Sunday that they had not increased the collection target in customs duty considering the negative trend in import, slower growth
in export and depreciation of the dollar against the taka that also left negative impact on international trade.
On the other hand, the government has a general position to reduce dependency on import duties because of international commitment under the World Trade Organisation, he said.
He said that the revenue collection target in customs duties, however, would not be so poor if import and export activities would be in positive trend.
According to NBR plan, it would collect Tk 1,000 crore in other taxes, up by Tk 41 crore from the current fiscal year.
The government has already set tax revenue collection target at Tk 1,36,000 crore for the upcoming fiscal year with 21.15 per cent growth despite repeated objection from the NBR.
The tax authorities recommended the government to fix the target at Tk 1,25,000 crore with 15 per cent growth considering overall economic situation and political turmoil in the country.
The actual growth will be higher at around 26 per cent if revenue shortfall in the current fiscal year is considered, NBR officials said.
They said the tax administration had already estimated that the revenue collection might be at Tk 1,08,000 crore at the end of the current fiscal year and the shortfall may be at Tk 4,229 crore against the target of Tk 1,12,259 crore set for entire fiscal year.
If the NBR realises such amount of deficit, then the growth target will be the highest in the history of Bangladesh, they said.
In the first 10 months of the current fiscal year, the revenue collection fell short of Tk 4,964.41 crore. Of the deficit, customs wing and VAT wings contributed Tk 2,373 crore and Tk 2,929 crore respectively.
Officials said finance minister Abul Maal Abdul Muhith is likely to announce the break-up in his budget proposals.
In that case, NBR will put its hard efforts to achieve the target, an NBR high official told New Age. It will also prepare a strategic document to achieve the target, he added.
-With New Age input
