Revenue collection faces Tk 49,579 cr shortage of target

During the fiscal year 2021-22

Staff Correspondent: The size of the budget is getting larger every fiscal year. Along with that, the target of revenue collection is also increasing. However, the National Board of Revenue (NBR) could not achieve the main budget revenue collection target in any financial year. As a result of this, there has been apprehension about meeting the target of revenue collection.
In the recently concluded financial year 2021-2022, the revenue collection target from NBR was set at Tk 330 thousand crore. According to that, the average revenue collection is Tk 27 thousand 500 crores per month. Accordingly, in 11 months (July-May), the revenue is expected to be Tk 3 lakh two thousand 500 crores. But at this time according to NBR statistics, the revenue collected is Tk 2 lakh 52 thousand 920 crore 76 lakh.
As a result, the revenue deficit in 11 months has been Tk 49 thousand 579 crore 20 lakhs. However, this revenue is 14.93 percent higher than the same period of last financial year. In the first 11 months of the previous financial year, the revenue was Tk 220 thousand 72 crores.
It is known that the revenue collection in 12 months can be 2 lakh 80 thousand to 2 lakh 85 thousand crores. But in the new financial year 2022-2023, the NBR sector has been given a target of Tk 3 lakh 74 thousand crores. Accordingly, the growth rate in revenue collection will be 33.57 percent. This growth rate is not possible to achieve in changing economic conditions and NBR structure, said the stakeholders.
However, according to the statistics of the Ministry of Finance, the rate of revenue collection in the NBR, non-NBR, non-tax sectors was 70 percent in the 9 months of the last financial year. The growth rate compared to the same period last year was 20.55 percent. During this period, the growth in revenue collection in non-NBR and non-tax sectors was 70.9 and 64.4 percent respectively.
According to the sources, according to the calculation of sector-wise revenue income, the income from the import and export duty sector in 11 months was Tk 80 thousand 48 crore 79 lakh. Tk 95 thousand 14 crores 66 lakhs from value added tax (VAT) at the local level and Tk 77 thousand 28 crores 61 lakhs from income tax and travel tax sector.
According to NBR sources, NBR was given a target of Tk 3 lakh 1000 crore by reducing the target in the revised budget, thinking that it would not be possible to collect the revenue of Tk 3 lakh 30 thousand crores set in the budget. Even as per the revised target, it was not possible to collect the revenue in 11 months. In the remaining month of the financial year, revenue cannot be collected as per the target.
According to sources, this year’s revenue collection can’t be said to be much worse than last financial year. On one hand, the Corona situation is ongoing, on the other hand, duty exemptions have been given in various sectors to reduce the price of goods in the country. This has reduced revenue collection.
In the last 11 months, the growth in revenue collection has been the highest in travel. In this case, the growth is 149 percent. Due to Corona, foreign travel was almost stopped in the last financial year, so the revenue collection in this sector decreased. In the 11 months of the financial year 2020-2021, the revenue collected in the travel tax sector was Tk 307 crore. At the same time, Tk 764 crore have been collected there. This time the increase in import duty has been 17.54 percent. At the import level, the annual growth is 18.85 percent. 17.48 percent increase in supplementary duty at import level.
At the same time, the income tax sector has seen a growth of 17 percent. 13.25 percent in VAT sector.