The government is facing a major deficit in revenue collection. In the first nine months of the current fiscal year (July-March), collections fell short of the target by Tk 97,890 crore. During this period, Tk 2,87,862 crore was collected against a target of Tk 3,85,852 crore, about 25 percent lower than the goal. The National Board of Revenue (NBR) has set a full-year revenue target of Tk 5,54,000 crore.
As part of a major initiative to collect revenue, the NBR has formed separate task forces for income tax, VAT and customs. But even then, the agency is far behind in collecting compared to the target.
Recently, the IMF did not waive the sixth installment of US$1.3 billion in loans. One of the reasons for this is the lag in revenue collection.
Although the revenue collection target has not been achieved, the collection has increased by 11.15 per cent compared to the same period last year.
Accordingly, Tk 2,67,138 crore will have to be collected in the remaining three months of the fiscal year.
Accordingly, the NBR will have to collect about Tk 90,000 crore an average every month. Those concerned believe this is impossible.
As part of a major initiative to collect revenue, the NBR has formed separate task forces for income tax, VAT and customs. But even then, the organization is far behind in collecting compared to the target.
Recently, the IMF did not release the sixth tranche of US$1.3 billion in loans. One of the reasons for this is the lag in revenue collection.
Although the revenue collection target was not achieved, the collection increased by 11.15 per cent compared to the same period last year.
