The National Board of Revenue has failed to achieve its revenue collection target from income tax in the first quarter of the current financial year.
In July-September, the income tax collection fell short by Tk 279 crore as the NBR managed to collect Tk 7,316 crore against its collection target of Tk 7,595 crore for the period, provisional data of the NBR showed.
Revenue earning from income tax, however, grew by 28.29 per cent in the period compared with the same period of the previous financial year, the data showed.
Despite healthy growth in collection from the sector, the NBR has failed to achieve the target mainly because of too much target, tax officials said.
Traditionally in September, tax officials are able to surpass its target in revenue collection from income tax as individual taxpayers start to pay their income tax in the month, they said.
In September last year, the NBR had collected Tk 5,702 crore, which was Tk 1,613 crore higher than the target for the time, the data showed.
According to the NBR data, income tax collection in September alone in the FY 2013-2014 also fell short by Tk 30 crore as the collection stood at Tk 3,483 crore in the month against the target of Tk 3,513 crore.
Of them, Tk 1,117 crore was collected from the income tax fair held in September 15-22 across the country.
The revenue board has fixed revenue collection target from income tax at Tk 48,300 crore with the highest ever growth rate at 36.82 per cent compared with the last FY 2012-13.
The target is up by Tk 13,000 crore than the target of Tk 35,300 crore for the last financial year.
A senior official told New Age on Wednesday that it seemed that the NBR might not be able to achieve such excessive target by the year-end.
He, however, said that from October, income tax collection would begin to increase as many individual taxpayers would pay their tax in the month.
-With New Age input
