NBR reports Tk 48.7b revenue shortfall in first two months of FY24

The National Board of Revenue (NBR) reported a shortfall of TK 48.7 billion (Tk 4,870 crore) in July-August revenue collection in the current fiscal year, according to the government agency.

According to NBR, the revenue collection in July-August stood at Tk 462.33 billion (Tk 46,233 crore), against the target of Tk 503.21 billion (Tk 50,321 crore). Despite the shortfall, revenue collection in these two months saw a growth of 14.74 per cent.

The highest revenue in the first two months of FY2023-24 came from Value Added Tax (VAT). However, it was not possible to achieve the target of VAT and income tax sectors.

The target of VAT collection in July-August was Tk 190.85 billion (Tk 19,085 crore), where Tk 179.4 billion (Tk 17,940 crore) has been collected. Although the growth has been 19.34 per cent, there is a shortfall of Tk 11.44 billion (Tk 1,144 crore) compared with the target.

At the same time, income tax and travel tax collection fell by Tk 29.58 billion (Tk 2958.16 crore) in July-August. The target was Tk 150.59 billion (Tk 15,059 crore), and the collection was Tk 121.09 (Tk 12,100.84 crore). Despite a shortfall of the target, there is a 16.39 per cent growth in tax collection.

Despite the foreign exchange crisis, the customs duty collection from imports and exports has increased comparatively.

In the first two months of FY 2023-24, the target of customs duty was Tk 161.775 billion (Tk 16,177.5 crore). Tk 161.9212 billion (Tk 16,192.12 crore) has been collected in July-August. The growth in this sector was 8.94 per cent and Tk 145 million (Tk 14.5 crore) more revenue came from customs duty.

NBR's revenue collection target for the current financial year is set at Tk 4.30 lakh crores. Out of which Tk 1 lakh 59 thousand 100 crore from VAT, Tk 1 lakh 54 thousand 800 crore from income tax, and Tk 1 lakh 16 thousand 100 crore from import-export duty have been fixed.