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Tk 220 crore revenue collection shortfall in first quarter

By Shehab Ahmed
Revenue collection during the first quarter of fiscal 1997-98 was Tk 220.04 crore behind the target, demanding more effort by the National Board of Revenue (NBR) to help the government attain its projected Tk 15,000 crore revenue collection for the year.
The collection for the first quarter (July-September) was. however, up by 12.27 per cent or Tk 336.55 crore over that of the corresponding period of last fiscal year, according to latest statistics obtained by The Dally
By Shehab Ahmed
Star.
The target for the first quarter was fixed at Tk 3298.80 crore while the collection stood at Tk 3078.76 crore, fulfilling 93.33 per cent of the target.
In September. 98.02 per cent of the target was achieved but collection during the month fell short of the target by Tk 23.24 crore. The target was Tk 1176.87 crore.
In August, the performance was better when the collection was 103 per cent. But the first two months' collection was
90.97 per cent although it was higher than that of the corre-sponding period of last fiscal by 13.53 per cent or Tk 230.11 crore.
Although the NBR managed to stem a drastic downward slide during the quarter, it received a big blow when importers of reconditioned cars took it to the courts on a series of writs challenging imposition of duty.
It chipped away at least Tk 200 crore from the government s coffers keeping the collection sluggish, which financial analysts say. may strain the beleaguered NBR to achieve its target.
The tax on imports was targeted at Tk 5010 crore for the fiscal 1997-98. While the VAT was set at Tk 3230 crore and the supplementary duty at Tk 620 crore for the financial year. But the quarter's collection out of a target of Tk 1151.33 crore was Tk 1094.76 crore, which is Tk 112 crore short.
The VAT collection on imports in September slided by Tk 8.35 crore out of a target of Tk 268.43 crore. But the supplementary duty was higher out of targeted Tk 41.09 crore the collection was Tk 51.01 crore, pushing the quarter s collection to Tk 123.45 crore out of the targeted Tk 116.86 crore.
On the Excise duty head, the target for the year was Tk 230 crore. During the first quarter, the achievement was Tk 35 96 crore against a target of Tk 40.77 crore. September collection was Tk 12.55 crore out of targeted Tk 13.45 crore.
VAT at local sources was targeted for the year at Tk 1820 crore, of which the first quar-
terly target was Tk 397.85 crore against which the collection was Tk 360.68 crore. September collection exceeded the target of Tk 133.92 by Tk 1.04 crore.
Supplementary duty at local sources was targeted for the year at Tk 1890 crore, the quarter's goal was Tk 446.22 crore against which the collection was Tk 372.34 crore and the September's achievement was Tk 126.76 crore against the target ofTk 157.41 crore.
The collection of Income Tax marked a rise. The fiscal’s target was Tk 1950 crore, the quarterly goal was Tk 316.68 crore against which the collection was Tk 326.68 crore and the September s collection was Tk 149.41 against the target of Tk 146.44 crore.
On other taxes and duties, the performance was nearly good. The target for the year was Tk 250 crore. The quarterly target was set at Tk 59.65 crore and the collection was Tk 57.47 crore, the last month's collection. exceeding the target by Tk 35 lakh. The target for September was Tk 20.50 crore.