Revenue collection by the National Board of Revenue grew by 14.92 per cent in the first two months of the current fiscal year depending on a big boost in August compared with that of the same period of the last fiscal year, according to the data of the National Board of Revenue.
In July-August of the FY 2014-2015, the NBR collected Tk 16,872.60 crore against the collection of Tk 14,676.14 crore in the same period of the FY14.
In August, the revenue board experienced a big boost in revenue collection as the collection grew by 21.32 per cent compared with that of the same month of last year, according to the data.
In the month, the revenue board collected Tk 8,884.98 crore against Tk 7,317.30 crore in August last year.
Growth in revenue earnings in July — the first month of the FY 2014-2015 — was only 8.54 per cent compared with July of the FY 2013-2014.
Officials said that the NBR achieved satisfactory growth due to better performance of its three wings — income tax, customs and value-added tax — in the period.
Revenue collection grew mainly because of a good jump in import and comparatively better business environment in the period, they said.
Revenue collection from almost all of the sub-sectors including import
duties, VAT at import stage, supplementary duty at import stage, VAT at local level and income tax increased significantly in the period, they said.
They said that though the NBR achieved a better growth in the period compared with that of last year, it still lagged much behind from the growth target set for the entire fiscal year at around 22 per cent.
According to NBR data, revenue earnings stood at Tk 5,860.04 crore from customs duties, Tk 6,570.90 crore from VAT and Tk 4,441.66 crore from income tax in July-August of the fiscal year.
In the period, collection from customs duties increased the highest at 17.08 per cent because of higher import volume supported by strong domestic demand, officials said.
VAT collection also experienced a 14.28 per cent growth in the period.
Growth in income tax, however, grew by only 13.09 per cent though the government set a target of collecting the highest amount of revenue from the sector.
The government has set a revenue collection target of Tk 1,49,729 crore for the entire fiscal year.
Of which, the highest amount of Tk 56,580 crore is projected to come from income tax, Tk 56,500 from VAT, Tk 35,720 crore from customs duties and Tk 920 crore from other taxes.
-With New Age input