NBR posts 18pc growth in first half of fiscal
Meeting Tk 610b goal no chimera, it feels
The National Board of Revenue has achieved 18 per cent growth in the first half of the current fiscal compared to the corresponding period last fiscal thanks to the impressive growth of income tax and Value Added Tax (VAT).
The board has collected revenue worth Tk 264.37 billion in the July-December period of the current fiscal with the VAT collection amount recording about 24 per cent followed by 22 per cent from income tax and 9.0 per cent from customs.
The government has set Tk 610 billion revenue target for the current fiscal expecting 17 per cent revenue growth over the corresponding period last year.
“The National Board of Revenue (NBR) has achieved a satisfactory growth in the first half of the current fiscal. It will be not impossible to achieve the target if the ongoing flow of revenue collection continues,” said a top tax official.
Revenue collection growth was sluggish in the first quarter of the current fiscal as import revenue declined due to the impact of global recession, he said.
The customs department has earned Tk 105 billion in revenue in the first six months of the current fiscal with 9.0 per cent growth, recovering from its negative trend in the first quarter.
Collection of VAT posted the highest 24 per cent growth with Tk 97.02 billion, while income tax achieved 22 per cent growth collecting Tk 60.39 billion.
Revenue board officials said revenue collection has a seasonal effect as it comes up in the last quarter every fiscal, the official said.
“NBR gets a significant amount of Advance Income Tax (AIT) from the implementation of Annual Development Plan (ADP) that gears up at the concluding phase every year,” he said.