Budget 2023-24 Tk 5 lakh crore revenue collection target likely

Staff Reporter  :
The government is likely to project the revenue collection target of Tk 5 lakh crore for the upcoming financial year 2023-2024.
The target for FY24 is more than Tk 67,000 crore higher than the target of Tk 4,33,000 crore set for the current financial year 2022-23.
Of the amount, the National Board of Revenue (NBR) will be tasked to collect Tk 4.30 lakh crore, whereas the target for the current financial year is Tk 3.70 lakh crore. In the next fiscal’s budget, the NBR’s revenue collection target to be increased by 16.2 per cent. NBR will have to collect an additional Tk 60,000 crore as per the projection.
Besides, the government expects Tk 20,000 crore through non-NBR tax and Tk 50,000 crore from non-tax revenue in the new fiscal year.
The size of the next budget and revenue collection target was discussed at a meeting on Thursday, chaired by Finance Minister AHM Mustafa Kamal.
“But the final decision in this regard yet to come,” said a finance ministry official.
He said that revenue collection and financing of the deficit budget are the big challenges of the next budget. The huge revenue collection target to be given to NBR is a big challenge.
The government has prepared an outlay of Tk 7.60 lakh crore for the next national budget which would be 15.20 per cent of the GDP and Tk 82,000 crore more than the outlay of the current fiscal budget, according to finance ministry sources.