The collection in July, the first month of the fiscal year, was more than Tk7,000 crore short of its target
The National Board of Revenue (NBR) has started the financial year with a huge deficit in its revenue collection.
The collection in July, the first month of the fiscal year, was more than Tk7,000 crore short of its target.
According to the statistics, the NBR has faced a huge deficit in the VAT and customs sector despite the positive growth in the income tax sector.
Against the total revenue collection target of Tk21,061.40 crore in July, Tk13,833.65 crore has been collected. The deficit is Tk7,227.75 crore.
This information came from the provisional accounts data obtained from NBR sources.
“The revenue collection usually remains a little less in the first month of the financial year. Moreover, the work of data collection is not over yet,” the source said, adding that this information is still being updated.
“After the final revenue account is finalised, the NBR chairman will inform about this on September 5 at 11am,” the source further said.
According to the latest provisional accounts of the NBR, the collection in the areas of income tax, VAT and customs was TK4,732.9 crore, Tk4,232.80 crore and Tk4,866.76 crore respectively in the first month (July) of the fiscal year 2021-22.
However, the revenue collection target of NBR from income tax, VAT and customs sector was Tk5,925.40 crore, Tk 7,680 crore and Tk7,456 crore respectively.
The negative growth in VAT and customs collection is 34.75% and 2.97% compared to the last fiscal year 2020-21. The deficit is Tk3,445.20 crore and Tk2,589.24 crore respectively.
In the budget of the 2021-22 financial year, the target of total revenue income is set at Tk3,79,000 crore. NBR has set a target of Tk3,30,000 crore.
The highest targets are Tk1,28,873 crore from VAT, Tk1,05,475 crore from income tax and travel tax and Tk95,652 crore from import duty.
Earlier, the NBR had also ended the 2020-21 FY with a revenue deficit of Tk41,118.20 crore.