The National Board of Revenue (NBR) reported a shortfall of TK 4870 crore in July-August revenue collection in the current fiscal year, according to the government agency.

According to NBR, the revenue collection in July-August stood at Tk46,233 crore, against the target of Tk50,321 crore. Despite the shortfall, revenue collection in these two months saw a growth of 14.74 percent.

NBR transfers 270 customs officials

The highest revenue in the first two months of FY2023-24 came from Value Added Tax (VAT). However, it was not possible to achieve the target of VAT and income tax sectors.

The target of VAT collection in July-August was Tk19,085 crore, where Tk17,940 crore has been collected. Although the growth has been 19.34 percent, there is a shortfall of Tk1,144 crore compared with the target.

At the same time, income tax and travel tax collection fell by Tk 2958.16 crore in July-August. The target was Tk15,059 crore, and the collection was Tk12,100.84 crore. Despite a shortfall of the target, there is a 16.39 percent growth in tax collection.

NBR earned highest Tk1.25 lakh crore from VAT in FY23

Despite the foreign exchange crisis, the customs duty collection from imports and exports has increased comparatively.

In the first two months of FY2023-24, the target of customs duty was Tk16,177.5 crore. Tk16,192.12 crore has been collected in July-August. The growth in this sector was 8.94 percent and Tk14.5 crore more revenue came from customs duty.

NBR's revenue collection target for the current financial year is set at Tk 4.30 lakh crores. Out of which Tk1 lakh 59 thousand 100 crore from VAT, Tk1 lakh 54 thousand 800 crore from income tax, and Tk1 lakh 16 thousand 100 crore from import-export duty have been fixed.