Tax revenue collection falls

Golam Mowla
Published : 07:30, Dec 10, 2019 | Updated : 07:30, Dec 10, 2019

Taxpayers crowd the tax fair at Officers Club in the capital on Saturday, Nov 14, 2019  FILE PHOTO/Rajib DharBangladesh Bank reports that the government tax revenue collection has been falling from August in the fiscal year 2019-20. In August, growth has been negative. Whereas in August 2018, revenue income was Tk 149.49 billion, it has dropped to Tk 141.9 billion this year.
Compared to last August, revenue collection has fallen by Tk 7.58 billion. As per the National Board of Revenue (NBR) accounts, the revenue collection deficit in the period July-October of the current fiscal year stands at Tk 202.21 billion.
To implement the government declared budget, the NBR has to attain a growth of 45 percent.
Executive Director of Policy Research Institute (PRI), Ahsan H Mansur, says: “From NBR’s collection it seems that the people are not willing to pay taxes to the government and businessmen are also not giving any VAT. The overall economic condition of the country is not favourable and so a decline in revenues is not surprising.”
If this trend continued, the government would have to borrow funds from the banks, he added.
As per NBR, revenue collection has fallen in import, export tax, local VAT, tax and other areas.
However, NBR chairman Mosharraf Hossain Bhuiyan, said that though there was some deficit now, the target would be met at the end of the year.
“We are making efforts to ensure that those holding TIN pay the tax,” he said.