Fy14 Revenue Target
NBR must get Tk 34,206cr in 2 months
The National Board of Revenue will have to collect Tk 34,206.82 crore in the last two months of the current fiscal year to achieve the downsized revised full-year revenue collection target of Tk 1,25,000 crore, officials said. They said the NBR would have to ensure a higher growth rate in revenue collection in May and June to achieve the target as the growth rate in the first 10 months of the fiscal year remained very low.
Revenue collection by the NBR grew by only 9.16 per cent in July-April, much below the target of 15 per cent set for the entire fiscal year of 2013-2014, compared with that in the same period of the last year, according to NBR data published on Thursday.
The revenue board collected Tk 90,793.18 crore in July-April, which is 72.63 per cent of the downsized revenue collection target for the entire year.
In July-April of last fiscal year, the NBR had collected Tk 83,091.27 crore, according to the NBR data.
The government had initially set a collection target of Tk 1,36,090 crore for the FY14 for the NBR but the target was later downsized.
Officials attributed the lower growth of the revenue collection to political unrest in the last few months of the last year that caused low performance in economic activities and investment.
The fallout from of the unrest still haunts the economy, they said.
They said that now the revenue board would have to ensure a higher growth in revenue collection in the last two months of the current fiscal year to achieve the target.
According to the NBR data published on Thursday, revenue collection in export duty, supplementary duty at import stage, travel tax and other taxes grew negatively in the first 10 months of the fiscal year.
On the other hand, income tax collection also saw an unexpected slow growth — at 12.47 per cent — in the period, the data showed.
In July-April this fiscal year, the NBR collected Tk 34,388.46 crore in value-added tax, Tk 29,182.34 crore in income tax, Tk 26,730.07 crore in customs duties and Tk 492.31 crore in other taxes including travel tax, according to the data.
Now, the taxmen will have to collect Tk 15,177.66 crore in income tax, Tk 12,461.54 in VAT, Tk 6,139.93 crore in customs duties and Tk 427.71 crore in other taxes in the last two months of the fiscal year to achieve the full-year revised target.
-With New Age input