Revenue rises 13.35pc in July-January

Revenue collection rose 13.35 percent year-on-year to Tk 79,165 crore in the first seven months of fiscal 2015-16, according to the provisional data of the National Board of Revenue.

The collection target for this fiscal year is Tk 176,370 crore, which is 29 percent higher than last fiscal year's actual collection.

In July-January, 45 percent of the total revenue target has been met.

An NBR official said revenue collection was less than the target at the beginning, as there is a link between revenue and the government's implementation of budget.

The implementation of the annual development programme remains slow at the start of the year.

At the import and export level, collection growth was 17.40 percent, and at the local level, growth in VAT collection was 13.28 percent.

Revenue growth in income tax was 9.66 percent.

The NBR in a press statement yesterday said, if the ADP implementation progress is satisfactory, the entire year's revenue target can be reached.

In the statement, NBR Chairman Nojibur Rahman said, to meet the revenue collection target in fiscal 2015-16 his organisation has been working tirelessly.

Surveys have been conducted to identify new taxpayers and 3.20 lakh of them have been found.

The NBR chairman hopes the target of increasing new taxpayers could be met. At present, there are 18 lakh taxpayers in Bangladesh, and 11.50 lakh of them submit their income tax returns, according to NBR.