Bangladesh annual revenues cross Tk 3tn for first time, still miss target

The National Board of Revenue has collected more than Tk 3 trillion in 2021-22

Zafar Ahmedbdnews24.comSenior Correspondent,
Published : 22 July 2022, 04:03 AM
Updated : 22 July 2022, 04:03 AM

The National Board of Revenue has collected more than Tk 3 trillion in the 2021-22 fiscal year with a 15.5 percent year-on-year rise, the highest in Bangladesh’s history, but missed the target by around 9 percent.

AKM Nuruzzaman, head of the NBR’s research and statistics cell, made the revelation to bdnews24.com on Thursday, saying the board’s Chairman Abu Hena Md Rahmatul Muneem is expected to release the data formally on Jul 28.

The figures may vary slightly as the revenues from some sectors were yet to be added to the total, Nuruzzaman said.

An official at the NBR’s research and statistics cell said the highest Tk 1.08 trillion was sourced from Value Added Tax or VAT in the fiscal year that ended on Jun 30 with an 11 percent year-on-year rise.

Income tax was the second highest source of revenues with Tk 1.02 trillion – a 21 percent rise from 2020-21 financial year.

From duty, the NBR’s collection rose by 16 percent to Tk 894.56 billion in 2021-22 from Tk 770 billion the previous fiscal year, a member of the customs cell said.

“The NBR deserves plaudits for crossing the Tk 3 trillion revenue landmark,” said its former chairman Md Abdul Mazid.

He, however, thinks the Tk 3.7 trillion target set by the government for FY23 is unrealistic because the NBR missed the target last fiscal year.

“It’s impossible to achieve the target with the current capacity of the NBR. We must strengthen the NBR to meet the target.”

Toufique Imrose Khalidi
Editor-in-Chief and Publisher