Finance
Revenue Deficit Tk 18,221 crore revenue deficit in 8 months
Dhaka, March 26: There has been 16 percent growth in revenue collection in eight months of the current financial year 2023-24. But it could not meet the target. The National Board of Revenue (NBR) has managed to collect Tk 18,221 crore less than the target of revenue collection in eight months.
During the discussion period, the target of revenue collection was Tk 2 lakh 44 thousand 808 crore, and Tk 2 lakh 26 thousand 586 crore was collected. And the target of revenue collection for the current financial year has been set at Tk 4 lakh 10 thousand crore. More than Tk 1 lakh 83 thousand crore of revenue has to be collected in the remaining four months.
Like every year, NBR has fallen behind in achieving the revenue collection target. However, as a condition of the loan given by the International Monetary Fund (IMF), the organization has to fulfill the condition of collecting additional revenue. As per the IMF's terms, the revenue sector needs to be reformed in addition to raising revenue at the rate of 10.5 percent of gross domestic product (GDP) every year. However, on the eve of research institute CPD, NBR is going to fall in the face of a revenue deficit of Tk 82,000 crore.
According to revenue board sources, revenue collection has grown by 16 percent in the first eight months of the fiscal year, surpassing the average growth rate of 10 percent in the last five years. Revenues rose more than 19 percent in February, the second highest of the year. The single largest increase in the first eight months of the fiscal year came from income tax, at nearly 20 percent. Besides, the income tax collection has increased by 29 percent in the last February. The target of revenue collection from income tax in eight months was Tk 79,155 crore, during the discussion period Tk 72,311 crore was collected. That is, Tk 6,843 crore has been less collected.
