Revenue collection by the National Board of Revenue fell short of the target for the first two months of the current fiscal year by Tk 1,537.03 crore as its all three wings—income tax, customs and value-added tax—failed to achieve their targets, provisional data of the NBR showed. According to the data, the revenue board collected Tk 14,385.74 crore in July-August lagging behind by 9.72 per cent against the target of Tk 15,922.77 crore in the period.
The revenue earnings, however, grew by 12.01 per cent or Tk 1,551.07 crore in the period from the amount collected in the same period of the last fiscal year but slower compared with the growth target of around 22 per cent set by the NBR for the entire year, officials of the NBR said.
In July-August 2012, the NBR collected Tk 12,834.67 crore in revenues.
NBR officials said that the shortfall in revenue collection widened in August by Tk 1,416.17 crore as the shortfall was only Tk 122.24 crore in July, the first month of the fiscal year.
In August, the revenue board collected Tk 6,611.72 crore against the target of collecting Tk 8,027.89 crore, according to NBR data.
In July-August, revenue earnings from VAT, customs duties, income tax and other taxes fell short from its target by Tk 730.53 crore, Tk 470.53 crore, Tk 251.84 crore and Tk 84.13 crore respectively.
Revenue earnings from income tax grew by 29.85 per cent, VAT by 12.72 per cent and customs duties by 1.61 per cent while taxes from other sources grew by negative 12.70 per cent in the time, according to the data.
In July-August, the NBR collected Tk 5,252.45 crore from customs duties with 1.61 per cent growth, Tk 5,217.72 crore from VAT with 12.70 per cent growth, Tk 3,833.16 crore from income tax with 29.85 per cent growth and Tk 82.41 crore with negative 12.70 per cent growth compared with the same time of the previous year.
The target of collection was Tk 5,722.98 crore, Tk 5,948.25 crore, Tk 4,085 crore and Tk 166.54 crore from customs duties, VAT, income tax and other sources respectively in the period.
NBR officials said that the total collection might increase slightly after getting final figures from VAT wing.
The revenue collection usually remains dull in the first two to three months of a fiscal year, they said, adding that it will increase from September as taxpayers will submit their income tax returns and pay taxes from the month.
The NBR is also taking some measures including finding out new potential sectors of VAT and widen income tax net to boost revenue collection in the remaining months of the fiscal year.
The NBR set a revenue collection target of Tk 1,36,090 crore for FY2013-14.
The highest Tk 51,000 crore was envisaged to be collected from VAT, Tk 48,300 crore from income tax, Tk 35,790 crore from customs duties and Tk 1,000 crore from other taxes.
-With New Age input
