Friday, 1 July, 2022

Budget FY 23: Revenue collection target sets at 4,33,000cr

Jatiya Sangsad, June 9 (UNB)- The government has fixed Tk 4,33,000 crore as revenue collection  target for the fiscal year 2022-2023.

Of this, NBR will collect Tk. 3,70,000  crore and another Tk. 63,000 crore will be collected from other sources.

Finance Minister AHM Mustafa Kamal proposed the revenue collection target while placing a Tk 678,064 crore national budget in parliament on Thursday.

In revenue collection, the National Board of Revenue (NBR) accounts for the major share. Therefore, over the last 13 years of this government, a number of reform initiatives have been taken to augment revenue collection, said the minister.

As a result, government revenue collection has increased significantly, adding whereas, the NBR tax collection in FY2008-2009 was Tk. 52,527 crore, the amount has increased to Tk. 2,59,882 crore in FY2020-2021.

“Though the new VAT law has been implemented since July 2019, its initial hiccup and Corona virus-induced shocks have contributed to slow increase in revenue collection. For that reason, we have started installing Electronic Fiscal Devices in business firms in order to increase VAT collection,” he added.