Revenue grows 22.53pc in five months
On the back of good responses from individual taxpayers, the National Board of Revenue (NBR) achieved a 22.53 percent revenue growth in the first five months of the current fiscal year.
The NBR received Tk 739.11 crore from 6,45,617 individual taxpayers in the tax year of 2007-08 against Tk 252.11 crore a year ago, contributing to the overall revenue growth.
NBR Member (Income Tax Policy) Ali Ahmed said the hefty growth in income tax collection has been possible as a good number of people submitted income tax returns this year.
Taxpayers especially businesspersons have paid more income tax than before due to the changing political scenario, Ahmed added.
The caretaker government led by Dr Fakhruddin Ahmed started anti-crime drive in January this year and arrested many high-profile politicians, businesspeople and bureaucrats. The NBR also filed cases against a good number of people on charges of tax evasion, prompting the rise in number of individual tax returns this year.
The NBR collected Tk 15,820.33 crore revenue in five months against Tk 12,911.92 crore in the same period a year ago.
The income tax department posted the highest 44.66 percent growth as it collected Tk 3,212.15 crore in July-November period against Tk 2,220.44 crore in the same months of 2006-07 fiscal year.
With a moderate 10.88 percent growth the customs department collected Tk 3,497.86 crore against Tk 3,138.77 crore.
At import stage, the NBR collected Tk 2,898.37 crore in value added tax, up by Tk 544.77 crore. The growth in the head is over 23 percent.
The NBR collected Tk 703.18 crore in supplementary duty in import stage. Moreover, Tk 5,343 crore has been collected in value added tax, supplementary duty and excise at local production level.
The overall revenue target for the current, 2007-08, fiscal year was set at Tk 43,850 crore. Out of the target, Tk 17,812 crore was set for customs duty, Tk 10,838 for income tax and Tk 14,800 crore for value added tax and supplementary duty.
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