Revenue collection grows 5.16pc in 8 months

Staff Correspondent

19 April, 2021 12:00 AM printer

Revenue collection posted a 5.16 per cent year-on-year growth in the last eight months (July-February) of the current FY 2020-21.

However, the amount falls Tk 475 billion short of the eight months’ target of Tk 2006 billion.

The National Board of Revenue (NBR) has collected Tk 1531 billion in revenue in the last eight months. The amount is 5.16 per cent higher compared to Tk 1455 billion revenue collected during the same period (July-February) of last fiscal, according to NBR’s provisional data.

 “We cannot predict the revenue collection figure for this fiscal. However, revenue collection usually shoots up at the end of the fiscal year,” said NBR member (income tax policy) Md. Alamgir Hossain. 

In February this fiscal, NBR collected revenue of Tk 209.38 billion, up from Tk 190 billion in the same month of FY20---posting a growth of 10.15 per cent.

The government initially set the revenue target at Tk 3300 billion for the current FY 21 but later cut it to Tk 3010 billion considering the impact of the coronavirus pandemic.

NBR sources said the government in March approved a revised VAT collection target of Tk 1010 billion, travel and income tax target of Tk 970 billion, import duty target of Tk 940 billion and another Tk 90 billion from miscellaneous sources. 

According to NBR data, revenue collection stood at Tk 2.18 trillion in FY20 against the revised target of Tk 3.05 trillion.

Revenue collection usually increases at the end of the financial year, especially in May and June.

The government has borrowed a record amount by selling bonds and other saving tools to meet its regular expenses due to declining revenue collection.