Tax collection rises by 16pc in July-Sept

October 30, 2014

Revenue collection grew by 16 per cent to Tk 28,220 crore in the first three months of the current fiscal year 2014-15 due to increased receipts in September.
The National Board of Revenue had collected Tk 24,354 crore in the same period of the last fiscal year, according to NBR data. ‘The improvement in collection reflects that economy is coming out of depressed mood,’ said a senior official of the NBR.
A number of banks posted profit in the first quarter, he said.
Recently, World Bank, International Monetary Fund and Asian Development Bank predicted that economy might grow by 6.2-6.4 per cent in the FY 2014-15, up from 6.12 per cent of the previous fiscal year due to eased political tension in the country.
The NBR data showed that income tax collection got tempo in September from a month ago due to rising submission of annual income statements by individual taxpayers.
Tax officials collected Tk 8,436 crore in the July-September period of the FY 2014-15 year on year.
‘We have achieved our income tax collection target for the first quarter,’ said the NBR official.
At the import level, revenue receipts rose by 16 per cent to Tk 9,078 crore in the July-September of the current fiscal year from Tk 7,818 crore a fiscal year ago thanks to increased imports during this period.
Imports, which plunged in July, regained in August of the current fiscal year. During the July-August period, it edged up 5 per cent to $6,089 million
of the FY 2014-15 year-on-year, according to Bangladesh Bank.
Collection of value-added tax and supplementary duty at the local level rose by 16 per cent to Tk 10,500 crore in the first quarter of the current fiscal year from the same period of the last fiscal year, according to the NBR.

-With New Age input

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