Revenue in 4 months NBR collects Tk 90,901cr against target Tk 97,306cr

UNB :
The National Board of Revenue (NBR) has collected Tk 90901.99 crore in the July-October period of the current fiscal year (2022-23), against the target of Tk 97306.86 crore.
According to NBR’s latest data, revenue collection has grown by 14.17 percent on average so far in October, compared to last fiscal year (FY 22).
In the fiscal year 2021-2022, the revenue collected in July-October was Tk 79622.66 crore.
Though the revenue collection target saw a shortfall of Tk 6404.87 crore, the overall revenue collected in the July-October period is encouraging for the revenue board, said an NBR member today.
He said that the negative impact of the global economy has also hit Bangladesh. Despite various crises, NBR’s revenue collection has been satisfactory so far, the official said.
In the current fiscal year (July-June), NBR’s revenue collection target has been set at Tk 3.70 lakh crore.
However, the revenue collection grew by 14.17 per cent in the four months compared with that in the same period of the previous financial year 2021-2022.
Meanwhile, in FY22, the revenue collected in July-October was Tk 79,622.66 crore.
In the four months of FY23, income tax wing of the revenue board managed to collect Tk 26,780 crore, value-added tax wing collected Tk 34,184 crore and customs wing got Tk 34,739 crore.
The revenue collected in October of FY23 was 9 per cent or Tk 2,349.92 crore lower than the target set for the month, according to the NBR data.
The revenue board managed to collect Tk 23,777.54 crore as income tax, value-added tax and customs duty against the total monthly target of Tk 26,127.46 crore.
Income tax revenue fell 6 per cent and customs duty fell 3.45 per cent while value-added tax surpassed by 37 per cent of the respective targets set for October.
In October, the income tax wing managed to collect Tk 6,657.14 crore, the customs wing managed to collect Tk 5,350.34 and the value-added tax wing managed to collect Tk 11,770.06 crore, according to the provisional data.
Year-on-year revenue earnings in October grew by 12.60 per cent in the current financial year compared with that in the same month of the previous financial year, which was Tk 5,719.90 crore.
The government has set Tk 3,70,000 crore target of revenue collection for the NBR for the current financial year.
Of which, the income tax wing will collect Tk 1,22,100 crore, the customs wing Tk 1,11,000 crore and the VAT wing Tk 1,36,900 crore.