NBR witnessed increasing tax receipts from Import duty, VAT

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The National Board of Revenue (NBR)’s provisional data showed tax collection in March increased significantly due to improvement in receipts from import duty and value added tax (VAT).

Collection of Value Added Tax (VAT) also grew by 20.56 per cent, banking on large taxpayers. The authority acquired Tk 178,263 crore in the July-March period of fiscal 2020-21, up 7.31 per cent year-on-year.

Overall collection was 78 per cent of the target of Tk 227,764 crore in the nine months to March this fiscal year.

However, income tax collection witnessed an 8.85 per cent growth last month.

Imports particularly from China suffered after the lockdown last year. The NBR collected 12.15 per cent higher customs duty year-on-year to Tk 53,988 crore in the July-March period of the current fiscal year.

According to data of the National Board of Revenue (NBR), import stage revenue grew by 46.97 per cent alone in March.

Md Anwar Hossain, director general of research and statistics of the NBR said, “This year, imports are on and we have registered increased collection of tariffs because of imports.”

“Telecommunication, tobacco consumption and petroleum account for a big portion of our VAT receipts. Collection from these areas will not decline,” he added.

During the July-March period of the current fiscal, VAT collection grew 5 per cent year-on-year to Tk 68,470 crore from that of a year ago, showed data by the NBR.

Income tax collection surged by 5.59 per cent year-on-year to Tk 55,803 crore in the nine months until March this fiscal year, showed data by the NBR.  

However, the average revenue collection growth was 10.20 per cent in the last five years.

In the July-March period, the NBR collected Tk 1.78 trillion tax revenue against its original target of Tk 2.27 trillion.

Meanwhile, the government reviewed the total tax revenue collection target to Tk 3.01 trillion from original Tk 3.30 trillion.

Source:

FINANCIAL EXPRESS

THE DAILY STAR

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