Despite a robust growth of 12.63 percent, the revenue collection fell short of target by Tk 5,519 crore in the first three months (July-September) of the fiscal year 2022-23.
The target of revenue collection was set at Tk 71,256 crore for the July-September period of the current fiscal year, but Tk 65,737 crore was collected. During the same period of the last fiscal year (2021-22), the revenue board collected Tk 58,368 crore, according to the data available with the National Board of Revenue (NBR).
In the first three months of the current financial year, the government set a target of revenue collection of Tk 25,121 crore for the import-export sector. But the revenue collection dropped by Tk 2,687 crore to about Tk 22,434 crore during this period. However, the sector showed a 16.44 percent growth. Similarly, income from local level excise or VAT, and travel tax also declined.
A senior finance ministry official said that the government has taken several steps, including withdrawal of import duty on several products, to give a boost to the country’s economy in response to the global crisis. The pace of the country’s economy will shrink in the future, and the growth will also decrease, he said, adding that the economic indicators will have some negative impacts on revenue, budget implementation, and speed of development projects. As a result, the revenue collection has dropped in the first three months.
Industry insiders said the revenue collection from imports is decreasing due to dollar crisis and pressure on reserves, import of perishable goods, margin imposed on LC, reduction in import of non-essential goods, cut in rice import duties and taxes from 62 percent to 5 percent, and withdrawal of 15 percent import duty on edible oil.
Local entrepreneurs said, due to the Ukraine-Russia war, the country's economy is facing a major crisis. Besides, the rate of inflation is rising in Bangladesh along with other countries of the world. For this reason, the purchasing power of the common people is decreasing, putting an impact on internal trade.
