STAR BUSINESS REPORT

The National Board of Revenue (NBR) expects to collect Tk 415,000 crore in revenue in the current financial year, falling Tk 88,000 crore short of its target.

The tax authority collected Tk 360,642 crore during the July-May period of the current fiscal year, registering 10 percent year-on-year growth. Revenue collection in the 11-month period was Tk 81,442 crore short of the NBR’s revised target for the period, according to preliminary NBR data. NBR field offices logged Tk 29,311 crore in revenue in the first 20 days of June. With this, total tax receipts stood at Tk 389,953 crore in the current fiscal year.

In the remaining 10 days of the fiscal year, a further Tk 25,000 crore is expected to be collected, taking the total to above Tk 400,000 crore, the highest ever in the history of the NBR, the state’s largest tax collector.

The revenue authority expects to collect Tk 43,157 crore more in revenue this year than the actual collection of Tk 368,395 crore in the previous fiscal year.

The tax administration said it has formed three task forces comprising field-level officials from the income tax, VAT and customs wings to accelerate revenue collection.

The task forces have already taken various initiatives to increase tax collection, including the speedy disposal of cases relating to revenue disputes in courts, it added.

The NBR has also taken steps to detect tax evasion and collect evaded taxes, quickly dispose of tax files selected automatically for audit, and monitor the collection of income tax and VAT at source.