NBR makes good start to new fiscal year |
Income tax collection grows 58pc in July
Jasim Uddin Khan
Riding on a 58 percent growth in income tax collection, the National Board of Revenue (NBR) has made a good start to the new financial year as it achieved a 13.5 percent revenue growth in the first month of 2007-08.
The NBR collected a total of Tk 2783 crore revenue in the month of July against Tk 2450 crore in the same period of the previous fiscal year.
The income tax department posted the highest growth as it collected Tk 509 crore in July this fiscal year against Tk 320.9 crore in the same month of the previous fiscal year.
NBR Chairman Badiur Rahman said the hefty growth in income tax collection has been possible due to the changing political scenario situation and some of the recent promotional activities to encourage people to pay taxes.
Wealthy people especially businesspersons now pay more income taxes than before, Rahman said.
He hoped the high rate of income tax growth will continue in the coming months.
The customs department collected Tk 1274 crore. Of the amount, Tk 678 crore was collected as import duty, Tk 502 crore as value added tax in import stage and Tk 93 crore as supplementary duty at import stage. The overall revenue from customs department was Tk 1167 in July last fiscal year.
In local production stage, the NBR collected Tk 566 crore as value added tax and Tk 408 crore as supplementary duty during the month.
The overall revenue target for the current 2007-08 fiscal year was set at Tk 43,850 crore. Out of the target, Tk 17812 crore was set for customs duty, Tk 10838 for income tax and Tk 14800 crore for value added tax and supplementary duty.
Meanwhile, the NBR experienced a Tk 449 crore revenue deficit in the just concluded fiscal year as it earned Tk 37,030 crore revenue against the revised target of Tk 37479 crore.
The actual target for the fiscal 2006-07 was Tk 41,055 crore.