Close to Tk 580b revenue collection deficit in first 6 months of FY 2024-25

The revenue collection deficit in the first six months of the running 2024-25 fiscal is close to Tk 580 billion (Tk 58,000 crore).

In July-December, the NBR’s revenue collection target was Tk 2140 billion (Tk 214,000 crore) and Tk 1562.76 billion (Tk 156,276 crore) was collected.

The amount is Tk 100 billion (Tk 10,000 crore) less than the same period in the last fiscal.

The revenue collection in the first six months of the 2023-24 fiscal year was Tk 1656.3 billion (Tk 1,65,630 crore).

Revenue officials say that business and trade were disrupted due to student and public agitation and political unrest in July-August. This has affected revenue collection.

Only one-third or 32.5 percent of the target revenue was collected in the first six months of the fiscal year.

The NBR has a target revenue collection of Tk 4800 billion (Tk 480,000 crore) in the current fiscal year.

According to NBR sources, the deficit in customs and tax collection against the target in the first six months of the current fiscal year stood at about Tk 577.24 billion (Tk 57,724 crore).

According to NBR sources, none of the three sectors - imports, VAT and income tax - met the six-month target during July-December.

During this period, the highest deficit was recorded in the income tax sector. The revenue collection target in this sector was Tk 766.7 billion (Tk 76,670 crore). Against that, Tk 521.62 billion (Tk 52,162 crore) was collected.

On the other hand, in the first six months of the fiscal year, the import duty sector collected Tk 498 billion (Tk 49,800 crore) against the target of Tk 619.52 billion (Tk 61,952 crore).

In July-December, Tk 551.77 billion (Tk 55,177 crore) was collected as VAT. At that time, the target of VAT was Tk 663.17 billion (Tk 66,317 crore).