Income tax collection rises 12.75% in Sept

Income tax realisation registered a 12.75 per cent growth to Tk 7,947 crore in September compared to the first three months of the current fiscal year.

National Board of Revenue (NBR) provisional data shows the figure was Tk 6,000 crore in the same month of the previous fiscal year.

Taxes of Tk 17,950 crore were collected in the first three months (July-September) of the fiscal year 2021-22 against the target of Tk 20,000 crore.

In the same period of the last fiscal year, the NBR collected Tk 15,920 crore in taxes against a target of Tk 18,710 crore.

In September this year, Tk 4,800 crore was collected in source tax, which was 60 per cent of the total income tax.

The NBR hopes this fiscal year’s tax collection will surpass the target.

It said officials concerned were working to boost revenue collection.

“Revenue collection has increased year-on-year as NBR officials are trying to ensure that taxpayers face no hassles in paying taxes,” said an official of the revenue board seeking anonymity.

NBR data shows 1.59 lakh taxpayers have already submitted their returns in the current fiscal year.

Its officials said they were developing an e-Filing system scheduled to be launched this month to make tax return filing easier and transparent.

The tax return submission season for the current fiscal year began on July 1 and will continue till November 30.

Previous year’s data shows 25.5 lakh of the 65 lakh tax identification number (TIN) holders submitted their returns.

The current financial year’s revenue income target was set at Tk 3,79,000 crore in the budget.

But the NBR later revised down the target to Tk 3,30,000 crore.

The highest targets were set at Tk 1,28,873 crore from VAT, Tk 1,05,475 crore from income tax and travel tax, and Tk 95,652 crore from import duty.