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Sunday, April 26, 2015, Baishakh 13, 1422 BS, Rajab 6, 1436 Hijr

NBR cuts tax target
Political unrest blamed
Published : Sunday, 26 April, 2015,  Time : 12:00 AM,  View Count : 26
Jibon Islam
BNP-led blockade and hartals have caused a Tk 19,768 crore shortfall of the revenue collection target for this fiscal year, according to the National Board of Revenue (NBR).
Such political turmoil has led to this shortfall in the first eight months of FY 2014-15. The target was fixed at Tk Tk1, 49,720 crore.
"The 3-month countrywide blockade and hartal programme enforced by the BNP-led 20-party alliance has forced us to lag behind the target," an NBR official told the Daily Observer.
Under this circumstance, the NBR will have to cut its tax income target. "A final decision in this regard will be taken soon after the NBR chairman returns home," the tax administration official further said.
During the July-February period, NBR's tax earnings stood at  Tk 80,044.81 crore against a target of Tk 99,814 crore, registering a 47 per cent fall in the target for the period.
The current budget targeted monthly tax income of Tk 12,477 crore by the NBR. But later they amended the target down to Tk11, 227 crore a month, which NBR expected would be able to earn during the last four months of the fiscal year.
The total budgetary expenditure for this fiscal was Tk 2, 50,506 crore. Of the total budget, earning from taxes was set to be Tk 1, 49,720 crore. But NBR says the tax income has to be reduced to Tk 1 34, 720 crore.
In the first eight months, income tax earnings totaled Tk 24,908.87 crore, VAT earning Tk 30,734.91 crore, import duty Tk23,843.46 crore and other taxes Tk 557 crore.
A senior NBR officer said political unrest badly dented tax earning. Despite that the revenue income during the July-February period increased compared to that a year ago. The amended tax target is also likely to be achieved, said the official, requesting anonymity.

Editor : Iqbal Sobhan Chowdhury
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