According to a government estimate, one of the benefits of the fuel price increase will be an increase in income of Tk 15 billion for the current fiscal year.
Value-added tax (VAT), which is collected at the time of sale, is expected to create income. According to officials, the National Board of Revenue’s (NBR) VAT authority forecasts the revenue based on the amount collected in the fiscal years 2021–22.
Both the import and sale of fuels generate taxes for the NBR of about 34%. However, there is currently no prediction on the additional quantity of crude oil import revenue.
According to customs data, the revenue board received Tk 75.99 billion in taxes from the importation of petroleum products in 2020–21. Following the upward trend in fuel costs on the global market, tax collection increased significantly in FY 2021–2022
According to customs data, the government received Tk 108.22 billion in taxes from import and local stages on the import of all sorts of petroleum products in FY 2021–22. At the point of sale in FY 22, the exchequer received Tk 45.33 billion in VAT. However, the amount of VAT collected in fiscal years 21 and 20 was 33.68 billion and 27.10 billion, respectively.
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