Tuesday, 19 October, 2021

Revenue collection grows in August

  • Staff Correspondent
  • 6 October, 2021 12:00 AM
  • Print news
Revenue collection grows in August

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The revenue collection in August increased by 24.59 percent compared to the same month a year ago as the economy started to rebound after the lockdown was withdrawn.

Shopping malls, hotels, restaurants and tourist spots witnessed an influx of customers.

This helped the revenue collection grow in August, said tax officials.

National Board of Revenue (NBR) collected a total of Tk345.48 billion in July-August period of FY2021-22 compared to Tk301.60 billion in the same period a year ago.

It shows an increase of Tk 43.88 billion revenue in the first two months of the fiscal from the last year.

NBR collected Tk 66.56 billion in import sector during August of the current fiscal, increasing from Tk49.92 billion in the same month a year earlier.

Of the amount collected this August, Tk25.56 billion was collected as customs duty, Tk33.79 billion as VAT and Tk7.20 billion as supplementary duty.

NBR collected a revenue of Tk72.67 billion in August from the local sources, which was Tk 57.31 billion in the same period time of the last fiscal.

Of the amount, Tk590 million was collected as excise duty, Tk40.32 billion as VAT (local level) and Tk570 million others tax.

 NBR collected a revenue of Tk 52.43 billion as income tax and Tk 278 million as travel tax.  The revenue board collected a total revenue of Tk345.48 billion so far in the FY2021-22.

Of the amount, Tk191.94 billion was collected in August and the remaining Tk 153.54 billion was collected in July of FY22.

The revenue collection witnessed 14.55 percent growth in July-August of the current fiscal from the same period of previous fiscal.

An NBR official said the revenue collection achievement is “impressive” so far despite the average monthly target was missed.

The import growth contributed to the higher revenue collection, he said.

Collection of import and export duties registered the highest growth at 15.72 percent while VAT collection from domestic sources grew 14.21 percent.

Income-tax wing of the revenue board registered 13.66 percent growth in this period. "At-source or withholding tax collection is the major contributor to the tax revenue. NBR rationalised the source taxes in the budget to plug revenue leakage," he said.

In July, tax-revenue collection grew 4.06 percent over the corresponding month of last year.

Shortfall in tax-revenue collection was Tk 56.13 billion against the original target for the first month of the fiscal year.

In the budget of the current fiscal, the government set a revenue collection target of Tk3.30 trillion.

To meet the target, NBR has to collect an average revenue of Tk275 billion a month.

The revenue board collected Tk 2.61 trillion tax revenue in the last fiscal year (FY2020-21) against the revised target of Tk3.01 trillion.