NBR collects Tk 1443.11b as revenue during July-March of FY

The National Board of Revenue (NBR) collected a total of Tk 1443.11 billion as revenue, including income tax, VAT (local) and import-export duty, during July-March period of the current fiscal (FY2017-18).

The amount is 13.99 per cent or Tk 177.17 billion higher from the previous fiscal's (FY2016-17) Tk 1265. 94 billion.

Of the Tk 1443.11 billion, NBR collected Tk 496,812.78 billion as import- export duty, Tk 644.29 billion as VAT (local) and Tk 532.09 billion as income tax and tourism charge.

According to the NBR, it has a target to realise Tk 1673.18 billion in revenue during the July-March period of the current fiscal.

Talking to BSS, NBR chairman Md Mosharraf Hossain Bhuiyan said revenue collection target needs to be downsised in line with the real connection position of the NBR. Every year the revenue connection target is set with a 35 per cent growth which is difficult to achieve, he added.

He said a section of businesspeople collect VAT but do not deposit it to the government exchequer properly. So, there is a shortfall in this area, he added.

The NBR chairman said steps have been taken to bring more people under tax net by expanding the area of source tax.

The government has targeted to realise a total of Tk 2481.90 billion in revenue in the current fiscal (FY2017-18).