Revenue collection by the National Board of Revenue grew by only 12.20 per cent in the first six months of the current fiscal year 2013-2014 compared with the same period of the last fiscal year, according to the latest data of the NBR. The data released on Wednesday showed that the revenue board could collect Tk 50,363.62 crore in July-December against the target of Tk 57,518.82 crore leaving a deficit of Tk 7,155.2 crore during the period.
The collection in July-December of the last financial year 2012-2013 was Tk 44,844.99 crore.
According to the data, all the three wings of the revenue board — customs, value-added tax and income tax — fell short of their collection targets during July-December of the current fiscal year.
The income tax wing fell short of target by Tk 3,432.79 crore, VAT wing by Tk 2,294.83 crore and customs by Tk 1,233.77 crore while earnings from other sources also fell short of target by Tk 193.81 crore in July-December.
Revenue earnings from income tax, customs duties, VAT and other taxes stood at Tk 15,634.21 crore, Tk 15,728.11 crore, Tk 18695.49 crore and Tk 305.81 crore respectively against the targets of Tk 19,067 crore, Tk 16,961.88 crore, Tk 20,990.32 crore and Tk 499.62 crore respectively.
Income tax earnings in the period grew by 20.96 per cent year-on-year, VAT by 15.35 per cent while customs duties grew by 1.77 per cent, the data showed.
Some sub-sectors of the economy of the country experienced negative growth in the months, the data showed.
According to NBR, revenue earnings from export duty saw a negative growth of 26.83 per cent, supplementary duty in import stage 7.85 per cent while excise duty collection declined by 14.49 per cent in the period.
The NBR set a revenue collection target of Tk 1,36,090 crore for the current fiscal year with 21 per cent growth over the last year.
Observing the current trend in revenue collection which has been hampered because of the political unrest surrounding the national elections, the NBR is going to request the government for revising the target by reducing around Tk 20,000 crore.
-With New Age input
