Muhammad Ayub Ali :
Collection reaches Tk1.56 lakh cr in 6 months, deficit Tk 58,000cr
After the fall of the Awami League government on 5 August last year, the economy has been affected by political changes, which have also impacted revenue collection.
Revenue collection has decreased by approximately Tk 2,000 crore over the past six months. In the first half of the current 2024-25 fiscal year, Tk 1,56,000 crore was collected, which is about Tk 2,000 crore less than the same period in the previous year. Additionally, it fell short of the target by Tk 58,000 crore.
According to data from the National Board of Revenue (NBR), revenue collection for the period from July to December in the previous fiscal year amounted to Tk 1,57,988.90 crore. In contrast, the same period of the current fiscal year recorded a collection of Tk 1,56,000 crore.
The revenue collection target for the current fiscal year set by the NBR is Tk 4,80,000 crore. However, the NBR collected Tk 1,56,419.49 crore against the target of Tk 2,14,143.10 crore for the six-month period up to December, falling short by Tk 57,723.61 crore.
Officials from the Board of Revenue believe that the shortfall in revenue collection is due to an increased revenue target and the impact of political movements leading to the change in government.
NBR data indicates that the growth of value-added tax (VAT) among the three major sectors-income tax, VAT, and customs-is negative.
In the income tax sector, the target for the first six months of the current fiscal year was Tk 76,67.75 crore, but only Tk 52,162.49 crore was collected. In the same period of the previous fiscal year, Tk 50,845.40 crore was collected.
In the customs sector, NBR collected Tk 49,800 crore against a target of Tk 61,952 crore. For the same period last fiscal year, Tk 48,783.08 crore was collected.
In the VAT sector, against a target of Tk 76,317.35 crore, revenue collection stood at Tk 55,177 crore. However, in the same period last fiscal year, revenue collected amounted to Tk 58,360.42 crore.
The total revenue collection target for the current 2024-25 fiscal year budget is Tk 5,41,000 crore, which represents 9.7 percent of the annual gross domestic product (GDP). Of this, the National Board of Revenue is expected to collect Tk 4,80,000 crore, while Tk 61,000 crore will be sourced from other avenues.