NBR's revenue receipts rise 14pc in April

Revenue collections by the National Board of Revenue rose 14 percent year-on-year to Tk 13,905 crore in April, thanks to increased receipts from income tax and external trade-related activities.

Income tax receipts surged 42 percent year-on-year to Tk 5,348 crore in April, according to the provisional data released by the NBR yesterday.

The collection of withholding tax from contractors accelerated with an increase in spending under the annual development programme or ADP, said a senior NBR official, seeking anonymity.

The collection usually gathers pace towards the end of every fiscal year, the official said.

Between July and April, Tk 47,114 crore was spent under ADP, up from Tk 43,333 crore in the same period a year ago, according to data from the Implementation Monitoring and Evaluation Division.

The NBR official expects the collection to get speed in the last two months of 2015-16 that ends on June 30.

However, VAT receipts from domestic trade declined 3 percent year-on-year to Tk 4,710 crore in April.

Revenue collection from imports rose 8 percent to Tk 3,742 crore in April from the same month a year ago due to increased imports, according to NBR.

Overall, the NBR's revenue collection increased 16 percent year-on-year to Tk 119,338 crore in July-April period of the current fiscal year.

The 10-month collection shows that the taxmen will have to log in an additional Tk 30,662 crore in the last two months of the current fiscal year to reach the revised target of Tk 150,000 crore.

Officials expect that they would be able to hit the revised tax collection target by the end of the fiscal year.

In July-April of the current fiscal year, income tax receipts rose 18 percent to Tk 37,843 crore from revised collection of Tk 32,149 crore in the same period a year ago, according to the NBR.

VAT collection grew 12 percent to Tk 44,625 crore in July-April period from the revised receipts in the same period of the previous year.

Collection from customs rose 18 percent year-on-year to Tk 36,080 crore in July-April, according to the tax administrator.