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REVENUE SHORTFALL

Govt to cut target by Tk 1,690cr

Plans budget revision aiming at Tk 30,500cr earning

REJAUL KARIM BYRON
As the tax department lags far behind its revenue-earning target, the government plans to lower the target by Tk 1,690 crore to Tk 30,500 crore by revising the budget for the current fiscal year (FY).
The revised figure came out at a meeting between the National Board of Revenue (NBR) and a visiting International Monetary Fund (IMF) mission that is reviewing the
country's current economic condition.
Sources said a finance ministry resource committee meeting soon will finalise the revised revenue target.
The revision would be a move made in the right direction, observed the IMF team led by the adviser to its Asia-Pacific Department, Nissanke Weerasinghe, at yesterday's meeting with NBR chief Khairuzzaman
Chowdhury in the chair.
Meeting sources said as the IMF delegates expressed the opinion that, under the present circumstances, the NBR should go for a Tk 35,590 crore revenue target for FY2005, the NBR officials told them the board has already planned a Tk 35,500 crore revised target.
In the revised revenue target under consideration, the earning at
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import level will be slashed down by Tk 908 crore to Tk 15,100 crore.
The targeted revenue at local level will be reduced by Tk 255 crore to Tk 9,255 crore and the income tax by Tk 727 crore to Tk 5,550 crore.
The revenue officials dubbed the current revenue target as ambitious. They said revenue collection initially was very slow, but in recent times it has picked up speed.
"We believe the revised target is very much achievable. In fact, we think we may exceed the target," said an NBR high official.
Revenue collection marked a 12 percent growth in July to March period in the current fiscal year, with the NBR collecting Tk 20,294 crore so far. But, the targeted growth rate was 19 percent.
In that nine months, the growth at import level was 10 percent, with the total collection standing at Tk 10,551 crore.
But, at local level the growth was an impressive 17.89 percent with a total collection of Tk 6,299 crore and at income tax level 20 percent with a total collection of Tk 3,278 crore.
The NBR officials pointed out to the IMF officials that the revenue growth has been lagging behind the target mainly due to poor collection at import level.
Sources said in the first eight month of FY2005, the total value of taxable imports was Tk 25,773 crore, marking a 25 percent rise from the previous year. But the imports of tax-free items, on the other hand, marked a massive 50 percent growth, with their value totalling at Tk 15,037 crore.
The import duty collection was also affected by the reduction of duty slabs that the government had done in line with a World Bank prescription to comply with certain World Trade Organisation rules.