NBR says revenue collection exceeds target for 2015-16 fiscal year

The National Board of Revenue has beaten the revenue collection target for the 2015-16 fiscal ending on Thursday, its chairman says.

In a Facebook post on Wednesday, Nojibur Rahman said the board mobilised Tk 1.55 trillion. 
 
The figure is 3.19 percent higher than the revised target and 14.06 percent bigger than the previous FY’s collection.
 
The NBR chief says ‘impossible has been made possible’. 
 
He said the board had established claims over an additional Tk 130 billion, which would come through book adjustment from the Finance Division as arrear revenue from Petrobangla.
 
The additional amount will take the collection figure near the original target of 1.76 trillion fixed in the budget for 2015-16, he added.
 

The target was revised down to 1.5 trillion in April.

Rahman wrote the post just before the passage of the Finance Bill 2016 in Parliament at noon.
 
Later, speaking to bdnews24.com, he said: “NBR officers have made history by mobilising Tk 1.55 trillion. That’s why I called it making impossible possible.”
 
The NBR chief was confident about reaching the target of Tk 2.03 trillion set for 2016-17 FY.
 
Asked how he had calculated the collection figure before the fiscal had even come to an end, he said, “It’s a probable figure. Estimated collection of the last several days (of the FY) has been added to the figure already calculated.”
 
“But I’m certain that the original amount won’t be less than what I’ve mentioned,” he added.
 
According to him, the highest amount – 556.65 billion – has come from VAT, which posted a 13.6 percent growth.
 

Income tax has contributed Tk 542.44 billion and import duty Tk 448.54 billion. The two slabs have achieved 12.18 percent and 17 percent growth respectively.

In the 2014-15 FY, the NBR collected Tk 1.36 trillion.

Rahman thanked Prime Minister Sheikh Hasina and Finance Minister AMA Muhith for their guidance and supervision and acknowledged the role of his colleagues, stakeholders and ministries and departments in the revenue collection.

Later, the NBR issued a media statement on the revenue mobilisation.