Income tax receipts rise 10pc in July-Dec | The Daily Star
12:00 AM, January 11, 2016 / LAST MODIFIED: 12:00 AM, January 11, 2016

Income tax receipts rise 10pc in July-Dec

Income tax collection grew 10 percent to Tk 20,584 crore in the first half of the fiscal year and yet it fell short of the target for the period.

The target set for the income tax department of the National Board of Revenue for the July-December period was Tk 25,022 crore.

Taxmen linked the growth in income tax receipts to increased monitoring, efforts to realise arrears and ensure deduction of source or withholding taxes.

Total collection, including travel tax, stood at Tk 21,028 crore during the period, up 9.8 percent year-on- year.

NBR Chairman Md Nojibur Rahman cited the pick-up in the pace of implementation of the Annual Development Programme and the growth in export and import as the reasons for the growth in tax collections.

In the July-November period, import payments grew 4.67 percent year-on-year to $16.86 billion, according to data from the Bangladesh Bank.

Exports receipts rose 7.8 percent from a year earlier to $16.08 billion in the July-December period, according to the Export Promotion Bureau.

Rahman said the deduction of tax at source is also going well.  “We expect revenue collection to gain momentum in the second half of the current fiscal year.”

The NBR aims to raise Tk 176,370 crore in tax in the current fiscal year. Of the targeted amount, Tk 65,932 crore would come from direct or income tax and the rest from value-added taxes and customs duty.

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