Shortfall in the revenue collection widened further to Tk 5,705 crore in the first 11 months of the current fiscal year that made the National Board of Revenue officials almost confirmed about a sure failure in achieving the tax collection target set for the FY 2012-2013, officials said.
According to the NBR provisional data, Tk 91,994 crore in revenue was collected in July-May against the target of Tk 97,699 crore.
In July-April, the gap between the target and collection of revenue was Tk 3,939 crore which was Tk 3,701 crore in July-March.
Officials said that the revenue collection shortfall had been swelling
over the last few months due mainly to political unrest and economic slowdown including massive slump in import and slow growth in export of the country.
The officials said the NBR for the first time in last four years had become confirmed that it was going to miss its revenue collection target of Tk 1,12,259 crore by at least Tk 4,000 to Tk 5,000.
The NBR will have to collect around Tk 20,000 crore in revenue in June including shortfall in last 11 months to achieve the target, they said. But it had set a target of collecting Tk 14,559 crore from income tax, VAT and duties for June.
‘The trends in revenue collection, slowdown in overall economic activities and political unrest in the country tell that it
will be difficult to achieve the target set for June let alone the target for entire fiscal year,’ an NBR official told New Age on Wednesday.
The NBR primarily estimated that it might collect hardly Tk 1,08,700 crore by June that would leave it a shortfall of Tk 3,560 crore at the end of the fiscal year but the current trends tell that it may be widened, he said.
In July-May, VAT and customs wings of the NBR faced a big shock in revenue collection as the wings fell short by Tk 5,761 crore, while taxes from other sources faced a shortfall of more than Tk 350 crore, the data showed.
According to the data, only the revenue collection from income tax surpassed its target by Tk 410 crore in the period.
In the period, the revenue board collected Tk 28,990 crore in customs duties against the target of Tk 32,064 crore, Tk 33,354 crore in VAT against the target of Tk 36,041 crore and Tk 29,126 crore in
income tax against the target of Tk 28,716 crore for the period, the NBR data showed.
The NBR had set a revenue collection target of Tk 40,400 crore in VAT, Tk 35,600 crore in customs duties and Tk 35,300 crore in income tax for the current fiscal year.
According to the NBR data, the revenue board had exceeded its revenue collection target by Tk 2,220.76 crore in FY 2011-12 when it collected Tk 94,590.76 crore against the revised target of Tk 92,370 crore.
In FY 2010-11, the NBR had collected Tk 79,092.20 crore against the target of Tk 75,600 crore while in FY 2009-10 the collection was Tk 62,042.16 crore against the target of Tk 61,000 crore.
Courtesy of New Age
