• Monday, Feb 06, 2023
  • Last Update : 10:24 am

Financial year starts with a huge deficit in revenue collection

  • Published at 02:04 pm August 31st, 2021
NBR headquarters
The National Board of Revenue (NBR)

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.

Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail