Despite an 8.12% growth in revenue generation compared to the previous fiscal year, the National Board of Revenue (NBR) of Bangladesh fell short by Tk 44,000 crore in achieving its revenue target for the fiscal year 2022-23. However, there is a possibility of reducing the deficit as the final calculation of value-added tax (VAT) is yet to be completed. The deadline for VAT returns submission is July 15, and NBR officials anticipate a significant accumulation of funds during this period.
For the fiscal year 2022-23, the revenue collection target was set at Tk 3.70 lakh crore. According to the provisional account of the NBR, revenue amounting to Tk 3.25 lakh crore has been collected, resulting in a shortfall of approximately Tk 44,000 crore.
The import-export sector, including customs, contributed around Tk 91,717 crore, falling short of the target of Tk 1.11 lakh crore by about Tk 19,283 crore, with a growth rate of 2.56%.
Conversely, the VAT sector achieved the highest growth rate of 11.5%, collecting Tk 1.20 lakh crore against the target of Tk 1.37 lakh crore.
In the income tax sector, Tk 1.12 lakh crore was collected against a target of Tk 1.22 lakh crore, showing a growth rate of 9.62%.
In the previous fiscal year, FY22, the revenue deficit stood at Tk 28,000 crore, with a total revenue collection of Tk 3.852 lakh crore.
A senior NBR official stated that 87.91% of the revenue collection target was achieved across the three categories of NBR in FY23.
For the current fiscal year 2023-24, the revenue collection target has been set at Tk 4.30 lakh crore.
