Revenue collection gains slight momentum
Revenue collection gained slight momentum in the last two months after witnessing a slow upward trend at the beginning of the fiscal year.
Officials of National Board of Revenue (NBR), however, assumed that the collection growth may become slow again due to the fresh countrywide lockdown announced by the government from yesterday restricting business activities.
Total revenue collection rose by 5.17 per cent year-on-year to Tk 153,104 crore in the first eight months till February of the current fiscal year.
Out of this, revenue collection in import and export stage rose by 7.86 per cent to Tk 46,237 crore, local value-added tax (VAT) by 3.27 per cent to Tk 59,986 crore and income tax 5.05 per cent to Tk 46,879 crore.
Overall receipts reached 78.06 per cent of the NBR's total tax collection target of Tk 196,147 crore for the first eight months of fiscal 2020-21.
This means the tax authority was Tk 43,043 crore short of the goal for the period.
The total revenue collection rose by 4.55 per cent year-on-year in the first seven months.
The total target for revenue collection for this fiscal was earlier set at Tk 330,000 crore while the target has been revised to Tk 301,000 crore.
All authorities concerned, including NBR, are making tireless efforts to boost revenue collection, Finance Minister AHM Mustafa Kamal said while presenting a report on budget implementation in the parliament on Sunday.
Revenue collection collapsed in the second quarter of the fiscal year due to the global economic shutdown after the Covid-19 outbreak, he said.
He, however, hoped that the integrated initiatives to modernise the revenue administration, including installation of electronic fiscal devices in businesses, would help accelerate revenue collection.
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