Revenue collections fall 73% short of Jul-Nov target

The government’s gross tax collection was much lower than the target in the first five months of the current fiscal year, indicating that the government might miss out the target by a big margin.

It collected over Tk 87,092 crore tax revenue in July-November in FY2020-21, missing the revenue target by a whopping more than 73 percent year-on-year drop, according to the National Board of Revenue (NBR)’s latest data.

The revenue collection grew by 3.19 percent in November with a short fall of Tk 25,867 crore from the target.

The NBR set the target of collecting Tk 3.3 trillion in the fiscal year to feed a Tk 5.68 trillion budget.

In November, import-export duty earnings dropped by 71.03 percent, value added tax 74.05 percent and income tax 75.41 percent year on year.

The adverse effects of the Covid-19 on the economy pushed the revenue collection sharply down, according to officials.