Revenue collection witnesses 14.93pc growth...

Revenue collection witnesses 14.93pc growth

 Staff Correspondent daily-bangladesh.com

 Published: 09:43 PM, 27 June 2022  

Revenue collection witnesses 14.93pc growth; File Photo

Revenue collection witnesses 14.93pc growth; File Photo

The overall revenue collection during the first 11 months (July-May) of the current fiscal year witnessed a healthy growth of 14.93 percent totalling Taka 2,52,920.76 crore.

During the first 11 months of the last fiscal year (FY21), the revenue collection totalled Taka 2,20,072 crore.

Analyzing the sector-wise revenue collection scenario of this July-May period, it was found that Taka 80,048.79 crore came from the customs duty, and Taka 95,014.66 crore came from the VAT while Taka 77,028.61 crore came from the income tax and travel tax. 

The revenue collection of the NBR is, however, lower than the 11-month target of Taka 2,86,091.55 crore.

NBR member Dr Abdul Mannan Shikder said that positive changes have been evident into the mindset of the businessmen and individual taxpayers compared to the past as they are becoming compliant every now and then.

‘Side by side, the field-level tax officials are strengthening their monitoring system. Considering all these things, there has been a positive growth in revenue collection,’ he added.

Mannan also opined that increase of revenue collection in income tax and VAT indicates the improvement of good governance in the country.

The NBR has been giving due importance in checking tax evasion in the customs system side by side the businessmen are now much more compliant since they have taken VAT registration through online and thus paying VAT, he mentioned.

On the other hand, it has been possible to bring the maximum number of people under the tax net in case of direct tax.

Mannan said since tax at source is being deposited through electronic method, so, it has been playing a special role in revenue collection.

The senior NBR member also opined that the revenue collection would be much better at the end of this month.

According to NBR, the revenue collection from customs during the first 11 months of the last fiscal year (FY21) totaled Taka 68,010.54 crore which has increased by 18.18 percent to reach Taka 80,048.79 crore.

The revenue collection from income tax during the first 11 months of the current fiscal year totaled Taka 77,028.61 crore with a 17.62 percent growth. 

The revenue collection from income tax during the first 11 months of the last fiscal year (FY21) was Taka 65,070.67 crore.

The revenue collection from VAT witnessed a healthy 10.30 percent growth during this 11-month period fetching Taka 95,014.66 crore compared to Taka 62,026 crore bagged during the same period of the last fiscal year.

DailyBangladesh/SA