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Revenue collection fails even to meet revised target

By Inam Ahmed and Shahriar Karim
The final revenue collection estimate tor the just concluded FY 2000 confirmed what had been apprehended before - a Tk 2.499.31 crore shortfall from the original Tk 17,500 crore target for the year.
Even the governments slashing the original target to a revised Tk 16,000 crore also proved to be way above the ground realities.
Revenue collection by the National Board of Revenue (NBRl for the entire July-June period of FY 2000 showed a shortfall of Tk 999.31 crore. This showed a meagre 0.88 per cent growth over that of the previous fiscal s actual revenue receipt. But if the inflation rate
which was recorded at 4.23 per cent up to May is taken into account. this would wipe out any growth and would rather show a negative trend.
The NBR received a total of Tk 15.000.39 crore as revenue which is 6.25 per cent or Tk 999.31 crore short of the revised target and Tk 2.499.31 crore short of the original one. according to its latest estimate. Tax revenue receipt is only Tk 130.55 crore more than that of the previous fiscal 11998-99).
When Finance Minister SAMS Kibria presented the budget for fiscal 1999-2000 in June. 1999. he took everyone by surprise with an envisaged ambitious revenue target of Tk 17,500 crore, which means a growth of 22.5 per cent But later due to low revenue receipt, he had to slash the original target and set it at Tk 16.000 crore.
Other than supplementary duty at import level and excise duty, all other revenue heads showed dismal performance. The government received a total of Tk 947.06 crore supplementary duty at Import level which is Tk 133.06 crore more than the revised target of Tk 814 crore. Excise duty surpassed the
target of Tk 240 crore by Tk 18 49 crore.
The government re rived Tk 4243.04 crore from import duty, the major source of tax revenue, which is Tk 292.96 core short of the revised target and Tk 504.30 crore less than that of the previous fiscal (1998-99).
VAT receipt from import also fell Tk 187.43 crore short of the revised target of Tk 3062.57 crore. However, revenue receipt on this account is Tk 22.31 crore more than that of the previous fiscal.
I h NBR received Tk 2049 crore from VAT at local level and Tk 1706.01 crore as supplementary duty from local sources. But revenue receipt on both these accounts have failed to attain its revised target by Tk 112.10 crore and Tk 143.99 crore respectively Revenue from income tax tailed to hieve the revised target of Tk 4245 crore and stood at only Tk 4007.40 crore. Tax and duty from other sources, (namely wealth and property tax and others) also failed to achieve the target and stood at Tk 168.37 crore which Is Tk 6.63 crore less than the target.