Staff Correspondent: Revenue collection by the National Board of Revenue fell Tk 32,754 crore short of the target in the first half (July-December) of the current fiscal year 2020-2021. Tax collection in income tax, customs duty and value-added tax, however, grew by 2.10 per cent in the July-December period of FY21 compared with that in the same period of FY20, according to NBR provisional estimates.
Field-level tax officials managed to collect Tk 1,08,471 crore in the six months of FY21 against the collection target of Tk 1,41,225 crore set for the period, the data showed.
Tax officials said that a slowdown in both local and global economy amid the COVID-19 pandemic along with the second wave of infections took its toll on revenue mobilisation.
An excessively big target of revenue generation has also resulted in a high shortfall in tax collection, they said.
The government set an ambitious target of revenue mobilisation at Tk 3.30 lakh crore for the entire fiscal year with around 46 per cent growth target over the collection of the previous fiscal year.
The NBR will have to collect another Tk 2,21,529 crore in the remaining six months of the year to achieve the target. Revenue collection in the July-December period would increase by around Tk 1,500-Tk 2,000 crore after the final calculation of VAT collection is made.
Traders are allowed to file their VAT returns until the 15th day of the next month. VAT returns for December 2020 are supposed to be submitted by January 15.
NBR officials said that as per provisional data, customs duty collection grew by 6.66 per cent and income tax collection grew by 4.73 per cent in the July-December period of FY21 compared with that in the same period of FY20.
Growth in VAT collection remained in negative zone as collection dropped by 3.36 per cent in the period. As per (See Page-2)
- Dhaka Elevated Expressway now visible
- Highlights on Daily Industry Best Rated Bank Award
- Bangladesh can implement mega projects by own fund
- 90pc public services to be digitized by 2021: Palak
- Turkey wants to use Ctg port
- PK Halder laundered money to Singapore-Canada-India: BFIU
- Wasa water not fit for drinking : Tajul
- 11 best performing banks to be awarded
- Bangladesh marching ahead with leadership of Sheikh Hasina
- e-GP system reduces expenses by 6.9 pc