Despite over 8% revenue collection growth, Tk 44000 crore shortfall in FY 2022-23

The National Board of Revenue (NBR) ended the fiscal year 2022-23 with a revenue shortfall of Tk 44000 crore, despite revenue generation growth by 8.12 percent compared to the previous financial year.

However, the final calculation of value added tax (VAT) is yet to come. July 15 is the last day to submit VAT returns. At the end of that time, a large amount of money will accumulate, and NBR officials believe that the deficit will decrease somewhat.

In FY 2022-23, the revenue collection target was Tk 3.70 lakh crore. According to NBR‍‍`s provisional account, Tk 3.25 lakh crore revenue has been collected. There is a shortfall in revenue collection target of around Tk 44000 crore.

According to the NBR, around Tk 91717 crore revenue has been collected against the target of Tk 1.11 lakh crore from the import-export, i.e. customs, sector. At the lowest growth of 2.56 percent, the deficit is about Tk 19283 crore.

On the other hand, despite the maximum growth of 11.5 percent in the VAT sector, against the target of Tk 1.37 lakh crore, Tk 1.20 lakh crore have been collected.

The target of revenue collection from the income tax sector was Tk 1.22 lakh crore. Tk 1.12 lakh crore has been collected. The income tax sector saw a growth of 9.62 percent.

In the last financial year FY22, the revenue deficit was Tk 28000 crore. A revenue of Tk 3.852 lakh crore was collected in that year.

A senior NBR official told UNB that 87.91 percent of the revenue collection target has been achieved against the targets in three categories of NBR in FY23.

In the current fiscal year 2023-24, the revenue collection target has been set at Tk 4.30 lakh crore.