Government collects 15.61% more year on year in revenues in 10 months

The NBR will have to collect Tk 1.2 trillion in the last two months of the fiscal year to meet the revised target

The government’s revenue collection from July to April in the ongoing fiscal year has increased by 15.61 percent compared with the same period of the previous year to around Tk 2.9 trillion.

The amount is 70.57 percent of the revised revenue target set for the current financial year. according to updated data released by the National Board of Revenue or NBR on Wednesday.

In order to achieve the revised target of Tk 4.1 trillion, despite slow business growth because of contractionary policy to control runaway inflation, the NBR will have to collect Tk 1.2 trillion in the last two months of the fiscal year, or Tk 600 billion in each of the two months on an average.

Revenue collected in April was around Tk 294 billion, which is an 18.62 percent rise from the same month last year.

Muhammad Abdul Mazid, a former NBR chairman, told http://bdnews24.com that it is not possible to increase revenue collection without fixing the complexity in various sectors of the economy. “It is not even in the NBR's hands.”

With a fragile banking sector and capital market, and curbs on imports over a dollar crisis, revenue collection will not increase much.

According to the latest information, in the last 10 months, the revenue collected from import and export duty and VAT was Tk 825.22 billion, an increase of 11.18 percent.

The total collection from VAT, supplementary and excise duty and turnover tax from the domestic sector was Tk 1.13 trillion. The growth was 16.1 percent.

Collection from direct tax, income tax and travel tax increased by 19.33 percent to Tk 931.45 billion.