In the first four months of the current financial year 2023-24, the National Board of Revenue (NBR) has achieved a commendable milestone by collecting a total of Tk 102445 crore.
This figure reflects a notable growth of 12.68 percent compared to that in the last fiscal year, as shown in the NBR’s latest periodic report on revenue collection.
However, the NBR fell short of its targeted collection for the four-month period, aiming for Tk 116295 crore but achieving Tk 102445 crore. This deficit of Tk 13849 crores underscores the challenges faced in meeting the ambitious revenue goals set for the current financial year.
The revenue breakdown reveals a robust performance in the Value Added Tax (VAT) sector at the local level, contributing Tk 38432 crores in the first four months. This marks a substantial 12.39 percent growth compared to that in the same period in the last fiscal year when the collection was Tk 34197 crores.
Similarly, the import-export sector witnessed a revenue increase of 9.41 percent, with collections reaching Tk 32753 crores, up from Tk 29936 crores in the previous fiscal year.
Income from the income tax and travel tax sector also exhibited a significant uptick, registering Tk 31259 crores and showing a robust growth of 16.71 percent.
Despite these positive developments, the NBR faces a challenge in meeting its annual target, falling short by Tk 13849 crores. The annual goal for the entire financial year is set at Tk 430000 crores.
Moreover, economists emphasize the importance of enhancing revenue collection not only to meet IMF loan conditions but also to address the current economic challenges. The International Monetary Fund (IMF) has stipulated a target tax-GDP ratio of 0.5 percent for the current fiscal year as part of its lending programme conditions.
In September alone, the NBR recorded a total revenue collection of Tk 30,553.78 crore, surpassing the Tk 26,834.02 crore collected in the corresponding period of the previous fiscal year.
As the NBR navigates the complexities of economic dynamics, the focus remains on strategizing and implementing measures to bridge the revenue gap and sustain the positive momentum in collection figures.
