Coronavirus pandemic has put a dent on revenue collection as the National Board of Revenue (NBR) has fallen short of the target set by the government for 2019-2020 fiscal year.
Against the revised revenue target of Tk 29,000 crore for the month of May, NBR managed to earn only TK 13,453 crore, which was 46% of the target. It was, however, against the downward trend as April saw even lower revenue collection at only Tk 7,688 crore.
According to the latest NBR report, the board of revenue earned Tk 1,87,250 crore in the last eleven months of the 2019-20 fiscal year. To meet the revised revenue collection target of the current fiscal, NBR has to collect another Tk 1,13,250 crore in the remaining one month of the current fiscal year.
The government had initially set a target of Tk 3,25,600 crore for current fiscal year, but in May, it was trimmed down to Tk 3,00,500 crore. But after eleven months of the current fiscal year, NBR managed to earn only 62.31% of the target.
Moreover, in May, revenue from import duty was targeted at Tk 7,905 crore, but only TK 4,025 crore was collected. Against VAT revenue target of TK 10,660 crore, NBR managed only Tk 6,752 crore until May. Moreover, target of Tk 10,240 from income and travel tax fell short with only Tk 2,676 crore earned till May.
