Revenue collection target set at Tk 5.41 trillion

Representational image of national budget

The government has set an ambitious revenue collection target of Tk 5.41 trillion for the fiscal year 2024-25.

It is 9.7 per cent of the country’s gross domestic product (GDP). 

Of the amount, it is proposed to collect Tk 4.80 trillion  through the National Board of Revenue (NBR), while the remaining amount – Tk 610 million – from other sources. 

Finance minister Abul Hassan Mahmood Ali proposed the targets before the parliament on Thursday.  

In the budget speech, he noted that the total tax revenue collection amounted to only Tk 624.85 million in the FY 2009-10, and it increased nearly sixfold to Tk 3.66 trillion in FY 2022-23. The revenue collection is anticipated to further increase to Tk 4.29 trillion in the outgoing fiscal year. 

The finance minister told the parliament that they are preparing strategy papers to maintain the growth momentum and achieve a tax-GDP ratio over 10 per cent in the medium term. 

The government is also focusing on increasing non-tax revenue. Efforts are underway to develop a comprehensive database of rates for government services, with a pilot project already launched in collaboration with six ministries.