Revenue collection up 15% in Jul-Nov

The government’s revenue collection grew by 15 per cent in the first five months of the current fiscal year compared to the same period of the previous year.

Provisional data shows the National Board of Revenue (NBR) collected Tk 1,00,267 crore between July and November of the fiscal year 2021-22, up from Tk 87,195 crore in the same period last year.

The NBR collected Tk 20,914 crore in November this year, including Tk 6,028 crore in income tax, Tk 7,325 crore in VAT, and Tk 7,560 crore in customs revenue.

Addressing a press conference at his office in the capital on Thursday, NBR Chairman Abu Hena Md Rahmatul Muneem said, “In the July-November period of the current financial year, revenue collection growth was 15 per cent compared to the same period last year.”

“Collection reached Tk 1 lakh 267 crore during this period compared to Tk 87,194 crore last year,” he added.

From July to November, there was a Tk 13,099 crore shortfall in revenue collection as the target was Tk 1,13,366 crore. The NBR achieved 88.45 per cent of the target.

Taxmen collected Tk 29,698 crore in income taxes in the five months, up 14.07 per cent from Tk 26,034 crore in the same period of the previous year.

The income tax collection target in this period was Tk 32,372 crore, with the revenue board achieving 91.74 per cent of the target.

The customs wing collected Tk 33,965 crore in this period, up 22.56 per cent compared to the corresponding period of the previous year, which was the highest among all NBR wings.

But the customs wing’s target was to collect Tk 38,754 crore, meaning it achieved 87.64 per cent of the target.

Besides, VAT collection grew by 9.44 per cent in the said period with a collection of Tk 36,605 crore against the target of Tk 42,240 crore. The NBR achieved 86.66 per cent of the VAT collection target.

In the said period last year, revenue collection growth was 3.17 per cent, with customs revenue registering a 6.24 per cent growth, VAT 0.3 per cent, and income tax 3.77 per cent.

The average tax collection growth was 11.36 per cent during the last five years, NBR data shows.

The government has set a Tk 3,30,000 crore tax collection target in the current fiscal year while last year’s actual collection was Tk 2,61,000 crore.