The National Board of Revenue (NBR) has asked its field offices to expedite the VAT collection as the collection from the pocket is only 56.15 per cent in the first eight months of the current fiscal.
In this connection, the revenue collecting authority asked for attaining the target of the revenue collection keeping the present condition in mind and to put emphasis on establishing intensive communication with the big companies.
The NBR data shows that total revenue collection from the VAT wing fixed in the budget for 2021-22 fiscal was Tk 1,27,747.58 crore whereas the collection till February 2022 is Tk 71,736.88 crore, which is only 56.15 per cent.
The target for VAT collection from import level was Tk 45,554.76 crore. But till February of this year, the NBR has been able to collect Tk 28,403.60 crore where in the month of February the collection was 4,061.67 crore.
The collection till February 2021 was Tk 22,709.32 crore while the collection in the month of February 2021 was Tk 3,050.02 crore.
It means the growth in month to month basis is 33.17 per cent while it is 25.07 per cent considering the collection of the first eight months of the two fiscal years.
On the other hand, the target for VAT collection from the local level was Tk 82,192.82 crore. But till February of this year, the NBR has been able to collect Tk 43,333.28 crore where in the month of February the collection was Tk 5,615.67 crore.
The collection till February 2021 was Tk 38,734.97 crore while the collection in the month of February 2021 was Tk 5,312.55 crore.
It shows that the growth in month to month basis is 5.71 per cent only while growth is 11.87 per cent considering the collection of the first eight months of the two fiscal years.
A senior official of the NBR said that in the present situation of the world or the country during the pandemic is not very conducive for revenue collection with sizeable growth.
“We are all aware about the present situation. This might improve as the world and the country as well is coming out from the shadow of the pandemic situation gradually. Whatever it is, we have to step forward with necessary actions to attain the target,” he said.
He mentioned that good communications with large companies that usually give a significant amount of VAT would be a better tool for enhanced revenue collections.
He said that officials would have to depend on the items like cigarettes, mobile, bank, bKash, internet and medicine, which pay higher revenue to the national exchequer.
Besides, the NBR official said that special attention needs to be given on collecting advance VAT and outstanding revenues from various business entities.
The revenue target for the NBR for fiscal 2021-22 has been set at Tk 3,30,078 crore.
Of the total target, the VAT wing will contribute the lion share with Tk 1,27,745 crore. The target for Income Tax and Tax on Profit has been set Tk 1,04,952 crore.
The revenue collection will be Tk 37,807.18 crore from import duty, Tk 55,225.26 crore from supplementary duty, Tk 55.45 crore from export duty, Tk 3,685.69 crore from excise duty, Tk 1,529.90 crore from travel tax while Tk 1,050 crore from other taxes and duties.
