NBR falls short of target in July

The Income Tax Wing of the National Board of Revenue (NBR) has failed to achieve its target for the first month of the current fiscal, reports UNB.
The shortfall in revenue collection for July stands at Tk 360 crore, according to the sources in the NBR.
“But the collection is more than 15 per cent higher compared to the same period of the last fiscal,” a senior official of the NBR said.
The target for the starting month of the 2015-16 fiscal was Tk 2704 crore while the collection has been Tk 2344 crore. The collection in the same month of the last year was Tk 2044 crore.
According to the sources, nine tax zones out of 31 failed to achieve their target in the first month.
“It is very normal, the revenue collection in the first phase of the fiscal year generally shows slow progress. But it will increase in the last phase of the fiscal,” the NBR official said.
This year NBR has got a gigantic target of Tk 176,370 crore for the 2015-16 fiscal. An amount of Tk 64,971 crore will have come from income tax, while Tk 64,262 crore from VAT and Tk 18,752 from import duty.
The target for export duty has been fixed at Tk 37 crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875.
The NBR official said that as the target is huge NBR has already chalked out its plan to increase the revenue collection sealing all loopholes.
The NBR chairman has already directed the field offices to strengthen their activities to achieve the massive target for the current fiscal.
The NBR official said that as the income tax will contribute the highest in the running fiscal the board asked its officials to be more active to increase their collection through various drives.
In this connection he mentioned that a move is underway to increase the number of taxpayers, increase the taxpaying TIN holders, make the house owners and tenants pay their rent through banking channel, strengthening the alternative dispute resolution (ADR) system and putting 50 highest taxpayers from each circle under close monitoring.  
He also said as per the plan it would not be a major problem for the NBR to collect Tk 64,971 crore from the income tax.
But he also expressed his concern about the political stability that the country witnessed recently coming back.
“If the political stability does not sustain, then it would surely hamper the revenue collection,” he mentioned.

NBR falls short of target in July

The Income Tax Wing of the National Board of Revenue (NBR) has failed to achieve its target for the first month of the current fiscal, reports UNB. The shortfall in revenue collection for July stands at Tk 360 crore, according to the sources in the NBR. But the collection is more than 15 per cent higher compared to the same period of the last fiscal, a senior official of the NBR said. The target for the starting month of the 2015-16 fiscal was Tk 2704 crore while the collection has been Tk 2344 crore. The collection in the same month of the last year was Tk 2044 crore. According to the sources, nine tax zones out of 31 failed to achieve their target in the first month. It is very normal, the revenue collection in the first phase of the fiscal year generally shows slow progress. But it will increase in the last phase of the fiscal, the NBR official said. This year NBR has got a gigantic target of Tk 176,370 crore for the 2015-16 fiscal. An amount of Tk 64,971 crore will have come from income tax, while Tk 64,262 crore from VAT and Tk 18,752 from import duty. The target for export duty has been fixed at Tk 37 crore, excise duty at Tk 1,239 crore and supplementary duty at Tk 25,875. The NBR official said that as the target is huge NBR has already chalked out its plan to increase the revenue collection sealing all loopholes. The NBR chairman has already directed the field offices to strengthen their activities to achieve the massive target for the current fiscal. The NBR official said that as the income tax will contribute the highest in the running fiscal the board asked its officials to be more active to increase their collection through various drives. In this connection he mentioned that a move is underway to increase the number of taxpayers, increase the taxpaying TIN holders, make the house owners and tenants pay their rent through banking channel, strengthening the alternative dispute resolution (ADR) system and putting 50 highest taxpayers from each circle under close monitoring. He also said as per the plan it would not be a major problem for the NBR to collect Tk 64,971 crore from the income tax. But he also expressed his concern about the political stability that the country witnessed recently coming back. If the political stability does not sustain, then it would surely hamper the revenue collection, he mentioned.