Govt sets Tk 5.41 trillion revenue collection target in FY25

The government has set a revenue collection target of Taka 5.41 trillion in the proposed national budget for 2024-2025 fiscal (FY25).

Finance Minister Abul Hassan Mahmood Ali revealed the target while placing the national budget for FY25 at the Jatiya Sangsad on Thursday.

 “Given all these reforms and initiatives to augment revenue collection, a total of Tk 5.41 trillion revenue income has been estimated for FY2024-25, which accounts for 9.7 per cent of the GDP,” he said.

“It is proposed to collect Tk 4.80 trillion through the National Board of Revenue (NBR) and Tk 610.00 billion from other sources,” Ali said.

“It is to be noted that in the FY 2009-10, the total tax revenue collection amounted to only Tk 624.85 billion, which has increased nearly six-fold to Tk 3.67 trillion in FY2022-23.

It is anticipated that in the current FY2023-24, it will further increase to Tk 4.29 trillion. “Strategy papers are being prepared to maintain the momentum of such growth rate and to achieve tax-GDP ratio over 10 per cent in the medium term,” he added.