Bangladesh's National Board of Revenue (NBR) has collected Tk 90901.99 crore in the July-October period of the current fiscal year (2022-23), against the target of Tk 97306.86 crore. According to NBR’s latest data, revenue collection has grown by 14.17 percent on average so far in October, compared to last fiscal year (FY 22). In the fiscal year 2021-2022, the revenue collected in July-October was Tk 79622.66 crore. Read more: Payra Port has so far earned revenues worth over Tk 600cr: PM Hasina Though the revenue collection target saw a shortfall of Tk 6404.87 crore, the overall revenue collected in the July-October period is encouraging for the revenue board, said an NBR member today. He said that the negative impact of the global economy has also hit Bangladesh. Despite various crises, NBR’s revenue collection has been satisfactory so far, the official said. In the current fiscal year of Bangladesh (July 2022 - June 2023), NBR’s revenue collection target has been set at Tk 3.70 lakh crore. Read more: Revenue collection down by 13% in Q1, reaching target a challenge

The National Board of Revenue (NBR) may miss the fiscal revenue collection target as about half of the revenue collection is yet to be done with only four months left of the current financial year. Latest NBR data shows that the revenue board has collected  Tk1.76 lakh crore in eight months July-February period. It means that Tk 1.53 lakh crore of revenue collection still remaining and the board is far from  FY2021-22 revenue collection target of Tk 3.30 lakh crore. Also read: NBR works for win-win tax in upcoming budget: Finance Minister The official documents showed that the revenue board has to collect Tk38,385 crore in each month in the remaining four months (March-June) which is quite impossible and not happened earlier, the NBR data shows. The NBR has submitted a revised revenue collection plan with a target ofTk 3.05 lakh crore to reduce the gap between the target and achievement at the end of the fiscal year. If the ministry of finance approves the revised revenue collection plan, the revenue board has to collect Tk 32,000 crore per month on an average in the remaining (March-June) period. Despite 10.65 percent growth in revenue collection so far, the NBR may fail to reach the top of the target. Also read: Consider maximum cut in import VAT on edible oil: Cabinet directs NBR The revenue collection has jumped to Tk2.66 lakh crore in last FY2020-21) in place of the target of Tk3.30 crore that later was revised to Tk 3.0 lakh crore. The NBR collects revenue in the form of income tax, travel tax, customs duty; value added tax, supplementary duty (SD) and excise duty.

The government will be able to achieve the huge revenue collection target if other economic parameters remain sound in the days to come, hoped Finance Minister AHM Mustafa Kamal.

The Centre for Policy Dialogue (CPD), a leading think tank, on Thursday said the proposed budget for 2020-21 was announced with a 'weak structure' as resource collection target in the budget is not realistic amid the existing situation of Covid-19.