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10-month revenue fails to hit target by 2.50pc

STAR BUSINESS REPORT
The revenue collection in the first 10 months of the current financial year amounted to Tk 15565.18 crore, down by 2.50 per cent or Tk 398.85 crore from the target but up by 7.85 per cent than that of the corresponding period of the last financial year.
According to the National Board of Revenue (NBR), the target was Tk 15964.03 crore for the July-April period of FY02.
"Although the revenue earning during July-April has increased slightly, it is behind the target. It was not possible to cover the revenue shortfall at the import level," said an official of the NBR.
At the import level, revenue collection was Tk 8340.29 crore, down by around 4 per cent from the target of 8682.30 crore but up by 3.94 per cent than last fiscal's same period.
The first ten months of the FY02 fiscal year saw Tk 4241.59 crore in import duty against Tk
4358.69 crore target.
Collection of Value Added Tax (VAT) at import level amounted to Tk 3006.46 crore against the target of Tk 3184.37 crore.
Supplementary duty on imports amounted to Tk 1092.24 crore against the target of Tk 1,139.24 crore during the period.
On the other hand, revenue collection from domestic activities amounted to Tk 4437.94 crore, down by Tk 20.03 crore from the target but Tk 460.22 crore higher than that of the corresponding period of the last fiscal.
The excise duty collection stood at Tk 236.28 crore against the target of Tk 248.18 crore during the July-April period of this fiscal year. VAT collection from domestic activities surged to Tk 2406.23 crore, which is Tk 137.03 crore higher than the target of Tk 2269.20 crore.
At local level, the NBR's accrual from supplementary duty stood at Tk 1,795.43 crore, which is Tk 145.16 crore short of the Tk 1,940.59 crore
target for July-April period.
Income tax collection till April amounted to Tk 2,657.45 crore, down by Tk 25.51 crore from the target. Tax and duties from other sources during the period was Tk 129.50 crore against the target of Tk 140.80 crore.
"Despite the finance minister's directive for collecting Tk 1000 crore income tax in addition to the current fiscal's target of Tk 4100 core, it was not possible to increase the earning. The policy makers should take necessary measures to encourage the tax payers," the official added.
Besides, if the government does not take harsh steps against the corrupt tax officials, it would be very difficult to increase revenue significantly, the official maintained. The NBR has recently launched a countrywide survey to identify prospective taxpayers.
The NBR collected Tk 18,774.75 crore revenue last fiscal year and set Tk 20,730 crore target for the FY02.