Revenue earning grows by 18.95 pc: NBR
It targets Tk 1,12,259cr revenue collection in current FY
Dhaka, July 25 (UNB) - The government’s revenue earnings grew by 18.95 percent in the last fiscal year compared to that of 2010-2011 exceeding the target for the last three consecutive fiscal years, the head of tax administration said on Wednesday.
“It’s an outcome of combined efforts,” chairman of the National Board of Revenue Dr Nasiruddin Ahmed told reporters at a press conference at its conference room.
He said a strong drive for tax mobilisation from domestic sources and close monitoring from the very beginning had played a role in giving a big boost to revenue collection.
The total revenue collection stood at Tk 94,581.03 crore in the last fiscal against the revised target of Tk 92370 crore showing a 102.25 percent achievement, the NBR chief said. “The growth in revenue collection shows that the wheel of economy is moving.”
The highest revenue amounting to Tk 34458.96 crore came from VAT (value added tax) against the target of Tk 32,962 crore posting a 22.96 percent growth compared to the fiscal year 2010-2011.
Income tax was the second highest source of revenue with Tk 28,261.87 crore registering a 22.79 percent growth compared to the fiscal year 2010-2011.
The tax administrator collected revenue worth Tk 31,386.24 crore at import-export level while Tk 473.96 crore as other taxes and duties.
Target for 2012-2013
The tax administration set a Tk 1,12,259 crore revenue collection target for the current fiscal, up 18.86 percent that of the last fiscal.
The highest amount of Tk 40,400 crore has been targeted for collection through VAT while Tk 35,600 crore revenue will be collected at import-level, the NBR chairman said.
Meanwhile, a Tk 35,300 crore revenue target has been fixed from income tax while Tk 959 crore from other sources. “We’ll put in our best efforts to enhance the capacity in the tax administration to achieve the target,” the NBR chairman said.
The tax department will be expanded to strengthen the NBR and digitalisation of income tax, while VAT and duty management will be the strategy to achieve the revenue collection target, he added.
“It’s an outcome of combined efforts,” chairman of the National Board of Revenue Dr Nasiruddin Ahmed told reporters at a press conference at its conference room.
He said a strong drive for tax mobilisation from domestic sources and close monitoring from the very beginning had played a role in giving a big boost to revenue collection.
The total revenue collection stood at Tk 94,581.03 crore in the last fiscal against the revised target of Tk 92370 crore showing a 102.25 percent achievement, the NBR chief said. “The growth in revenue collection shows that the wheel of economy is moving.”
The highest revenue amounting to Tk 34458.96 crore came from VAT (value added tax) against the target of Tk 32,962 crore posting a 22.96 percent growth compared to the fiscal year 2010-2011.
Income tax was the second highest source of revenue with Tk 28,261.87 crore registering a 22.79 percent growth compared to the fiscal year 2010-2011.
The tax administrator collected revenue worth Tk 31,386.24 crore at import-export level while Tk 473.96 crore as other taxes and duties.
Target for 2012-2013
The tax administration set a Tk 1,12,259 crore revenue collection target for the current fiscal, up 18.86 percent that of the last fiscal.
The highest amount of Tk 40,400 crore has been targeted for collection through VAT while Tk 35,600 crore revenue will be collected at import-level, the NBR chairman said.
Meanwhile, a Tk 35,300 crore revenue target has been fixed from income tax while Tk 959 crore from other sources. “We’ll put in our best efforts to enhance the capacity in the tax administration to achieve the target,” the NBR chairman said.
The tax department will be expanded to strengthen the NBR and digitalisation of income tax, while VAT and duty management will be the strategy to achieve the revenue collection target, he added.
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