Tax receipts rebound
Revenue collection in the first two months of the current fiscal year saw a rebound after a shortfall recorded in the opening month.
The National Board of Revenue collected Tk 16,865 crore in July-August, the amount being 14.92 percent more than that in the same period last fiscal year. However, the figure was Tk 764 crore less than the target for the period.
Revenue grew by only 8.54 percent in July.
At the import level, revenue collection stood at Tk 5,853 crore in the first two months, which was a 17.08 percent rise over the previous year and higher than the target of Tk 5,860 crore.
NBR officials said increased imports in recent times pushed the revenue earnings up.
Collection of VAT and supplementary duty at the local level reached Tk 6,571 crore in July-August, rising 14.28 percent year-on-year. But the amount fell short of the target by Tk 819 crore.
Income taxes raked in Tk 4,325 crore, witnessing an improvement of 12.83 percent over July-August of last fiscal year.
In recent months, the engines of the economy started to rev up along with imports, so revenue collections have been picking up, a tax official said.
The NBR's collection target for fiscal 2014-15 is Tk 149,720 crore, which is 25 percent more than last year's receipts.
About Tk 120,512 crore was collected in fiscal 2013-14, which was 3.59 percent lower than the target for the year.
An NBR high official said a number of measures have been taken to increase tax collection in the current budget. He is hopeful that the target can be achieved.
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