Tax receipts rise 16pc

Revenue collection rose 16 percent year-on-year to Tk 28,220 crore during July-September of the current fiscal year, thanks to a boost in receipts in September, according to preliminary data.

"The improvement indicates that the economy is coming out of a depressed mood," said Md Bashir Uddin Ahmed, a member of income tax at the National Board of Revenue.

Ahmed said excess liquidity in the banking sector is coming down. A number of banks posted profit in the first quarter, he said.

Last week, the World Bank said private investment is reviving along with remittances. The lender predicted that the economy might grow 6.2 percent in fiscal 2014-15, up from 6.12 percent a year ago.

In September, another multilateral lender -- the Asian Development Bank -- revised its GDP growth projection for Bangladesh upwards to 6.4 percent for the fiscal year.

NBR data showed that income tax collection gathered pace in September from a month ago due to a rise in submission of annual income statements by individual taxpayers.

Income tax grew 15 percent to Tk 8,436 crore year-on-year in the three-month period.

"We have reached our target in income tax collection for the first quarter," Ahmed said.

At the import level, revenue receipts rose 16 percent to Tk 9,078 crore in July-September, from Tk 7,818 crore in the same period a year ago, thanks to increased imports during the period.

Imports plunged in July but picked up in the following month. During July-August, imports edged up 5 percent to $6,089 million year-on-year, according to Bangladesh Bank.

Collection of VAT and supplementary duty at the local level rose 16 percent to Tk 10,500 crore in the first quarter, compared to the same period a year ago, according to the NBR.