NBR Sept revenue collection goes up by 20%

The National Board of Revenue has collected Tk 23,802-crore revenue in September 2021, up by 20 per cent over the same period a year ago when it racked up Tk 19,830 crore.

The rise in revenue is attributed to increased collection of income tax, import duty and value added tax (VAT).

According to the NBR provisional collection data, the revenue sees 16.72 per cent growth in the first three months of the current fiscal (July to September) as the country’s businesses and economic activities continued to pick up despite uncertainties caused by the ongoing Covid-19 pandemic.

The revenue board managed to garner a total of over Tk 58,351 crore during the first quarter.

The data also reflects a shortfall in revenue collection by Tk 6343.81 crore against the target of Tk 64,695 crore in the month of September as the board achieved 90.19 per cent of its target.

The taxmen collected Tk 17,949.45 crore as income taxes till September this fiscal, up by 12.74 per cent over the previous year when Tk 15,920.56 crore was realised. The target was Tk 19,928 crore in this fiscal.

The revenue authority managed to hit 90.07 per cent of its income tax collection target.The customs wing accumulated Tk 19,309.65 crore, the highest among other NBR wings, with 21 per cent growth over the corresponding period of the last fiscal.

However, the target was Tk 21,727 crore, which also showed a shortfall of Tk 2417.35 crore, but the revenue authority managed to achieve 88.87 per cent of its target from the customs wing.

The VAT collection grew by 16.45 per cent in September of the current fiscal with a collection of Tk 21,092.09 crore against the target of Tk 23,040 crore.

The National Board of Revenue also realised 91.55 per cent of its VAT collection target. However, the wing witnessed a shortfall of Tk 1947.91 crore.

The average tax revenue collection growth has been 11.36 per cent over the last five years.

While talking to The Business Post, NBR Member (tax policy) Md Alamgir Hossain said, “Although there is a shortfall in the achievement of our target, revenue collection has, however, increased in the month of September.”

“The rise in revenue is driven by overall good management and field-level workers’ strenuous efforts.”

Revenue will get a further boost in November as taxpayers will file their income tax returns as well as submit taxes in huge numbers, the official hoped, adding that not only in November, but in December also, a good revenue collection is expected since companies mainly pay their VAT in the last month of the year.

The government has set a Tk 3,30,000-crore tax collection target in the current fiscal against the actual collection of Tk 2,61,000 crore in the last fiscal.

The overall growth in revenues was 3.21 per cent over the same period in the last fiscal when the customs wing saw 6.79 per cent growth, VAT 1.25 per cent and tax wing 2.04 per cent.