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20th of October 2018

Economy



Tax receipts rise, but growth slows

Tax receipts rose 4.86 percent year-on-year to Tk 13,867 crore in July this year, although the collection growth slowed down significantly because of a slump in indirect taxes.

The National Board of Revenue collected Tk 13,225 crore in taxes in July of 2017-18, a rise by 21.79 percent year-on-year.

Overall collection fell short by Tk 2,871 crore ofthe target setat Tk 16,738 crore for the month, according to NBRdata released yesterday.

The amount of value-added tax (VAT)—the biggest source of revenue—from sales of goods and services in the domestic market increased 0.61 percent year-on-year to Tk 5,407 crore.

Revenue collection from imports rose 1.49 percent year-on-year to Tk 4,848 crore in July.

Collection of income tax, the second biggest source after VAT, also rose. Taxmen logged Tk 3,612 crore in taxes, which was 17.5 percent higher than that a year ago, according to the NBR.

A senior official of the NBR saidthe collection of customs duties from imports has been sluggish owing to high import of zero-duty items.

The revenue administrator has been given the task of collecting Tk 296,201 crore this fiscal year, which is 43 percent higher than the amount collected in the previous year -- Tk 206,707 crore.

Economists on several occasions said the collection target would be tough to attain.

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