RSS Feed (xml)
dropped to single digit in the last fiscal forcing the national
revenue board to face an uphill task in achiving its revised target to
tk 53000 crore.
The NBR is forcing more than tk 1000 crore revenue shortfall in the
revised target due to further drop in earning from the Customs & Value
added tay depertments in the last month fiscal year, said insiders.
The overall tax collection growth contracted to 9.3% during the month
oe june form 12.21% until may rendering the outgoing fiscal as most
inauspicious one for the revenue board, they said.
The NBR tast failed to achive double digit revenue generation growth
in 2006-07 fiscal year when it was 9.6%.
The big shortfall now may leave the present government to start the
new fiscal year with higher than expected borrowing from the banking
sector to meet additional expenditures including the implementation of
the pay hike for nearly 1.2 million government pemployees.
Data available until july 2, however, showed that the NBR could
collect around tk 52000 crore, higher than projected income from the
income tax department.
The board will receive revenue receipts of the outgoing fiscal untill
the third week of the current month but it will not be enough to
achive the target, said the insiders.
"It will help only to reduce the shortfall gap,"said a senior official
on condition of anonymity.
NBR chairman Dr Nasiruddin Ahmed is, however, hopeful to achieve the
revised target against the back drop of higher than expected income
from the income tax.
Beside, his organisation is trying to collect arrears frnmm different
public entities like bangladesh Petroleum Corporation to meet the
shortfall, he said.
Sources, however, said the collection of arrears is not encouraging as
the realization by the Custom department was adversely affected due to
falling price of major comodities lile fuel oil, fertilizer & food
items in the financially afflicted global market.
The Custom department accounts for nearly 40% of total revenue & the
VAT department contribute the second highest income.
The govt has set tax revenue earning target worth tk 61000 billion for
the 2009-10 fiscal.
