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Tk 4.30tn Revenue Collection Target for Upcoming Fiscal Year

The Ministry of Finance (MoF) in Bangladesh has set a revenue collection target of Tk 4.30tn for the National Board of Revenue (NBR) for the upcoming financial year 2023-24. Of this, Tk 1.54tn is to be collected by the direct-tax wing, Tk 1.16tn by the customs wing, and Tk 1.59tn by the value-added tax (VAT) wing. The government is expecting to achieve 36% of the domestic revenues through direct taxes and import duties. The NBR will have to achieve over 32% growth in tax-revenue collection in the upcoming fiscal year to reach the Tk 4.30tn target. However, two leading think-tanks have projected high revenue shortfalls in the current fiscal year, estimating that the NBR may face a shortfall against tax-revenue collection worth Tk 750bn and Tk 546bn. The government is set to propose a Tk 7.64tn national budget for the upcoming fiscal year on June 1.

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