NBR falls short of revenue collection target by Tk 440b in FY23

The National Board of Revenue (NBR) ended the fiscal year 2022-23 with a revenue shortfall of Tk 440.0 billion, despite revenue generation growth by 8.12 per cent compared to the previous financial year.

However, the final calculation of value added tax (VAT) is yet to come. July 15 is the last day to submit VAT returns. At the end of that time, a large amount of money will accumulate, and NBR officials believe that the deficit will decrease somewhat.

In FY 2022-23, the revenue collection target was Tk 3.70 trillion. According to NBR's provisional account, Tk 3.25 trillion revenue has been collected. There is a shortfall in the revenue collection target of around Tk 440.0 billion, reports UNB.

According to the NBR, around Tk 917.17 billion in revenue has been collected against the target of Tk 1.11 trillion from the import-export, i.e. customs, sector. At the lowest growth of 2.56 per cent, the deficit is about Tk 192.83 billion.

On the other hand, despite the maximum growth of 11.5 per cent in the VAT sector, against the target of Tk 1.37 trillion, Tk 1.20 trillion has been collected.

The target of revenue collection from the income tax sector was Tk 1.22 trillion. Tk 1.12 trillion has been collected. The income tax sector saw a growth of 9.62 per cent.

In the last financial year FY22, the revenue deficit was Tk 280 billion. A revenue of Tk 3.85 trillion was collected that year.

A senior NBR official said that 87.91 per cent of the revenue collection target has been achieved against the targets in three categories of NBR in FY23.

In the current fiscal year 2023-24, the revenue collection target has been set at Tk 4.30 trillion.