NBR set to miss revenue generation target again
The National Board of Revenue (NBR) reached 76 per cent of its Tk 330,000 crore revenue generation target in the outgoing fiscal year, meaning it is going to miss its full-year goal once again.
As of May of 2021-22, taxmen collected Tk 252,920 crore, posting 15 per cent year-on-year growth, provisional data released yesterday by the revenue administration showed.
The tax generation growth dropped substantially in May compared to a year ago, widening the gap between the target and the collection.
The NBR will have to generate Tk 77,000 crore in June to hit the target, a task that analysts have termed nearly impossible to attain even though collection usually goes up in the last month of a fiscal year.
Between July and May, the collection from customs tariff grew 18 per cent year-on-year to Tk 80,487 crore.
The value-added tax collected from local trade and economic activities also slowed as the revenue authority logged a 10 per cent higher collection at Tk 95,146 crore in the 11-month period.
Income tax receipts, however, rose 18 per cent to Tk 65,706 crore, according to the NBR.