Revenue falls Tk38,500cr short of target in FY23
The National Board of Revenue (NBR) witnessed a 10% growth in revenue collection during the 2022-23 FY compared to the previous fiscal year.
However, despite this positive growth, there was a deficit of around Tk38,500 crore in revenue collection compared to the target set for the same period.
The NBR has confirmed this figure as the final estimate of revenue for the fiscal year.
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According to the NBR, the revenue growth was around 15% in the 2021-22 FY.
NBR sources said revenue collection was Tk3.31 lakh crore in FY23 against the targeted amount of Tk3.70 lakh crore. The NBR had collected Tk3.08 crore in FY22.
According to NBR data, the average revenue collection over the five fiscal years preceding the last one was slightly over 12%.
Analysts say the growth in revenue collection was not as expected due to the slowdown in the economy throughout the last financial year. In particular, the government's strict measures for imports reduced imports. Besides, growth in import duties was less than 4%.
On the other hand, in FY23, the growth in income tax was slightly more than 10% and value-added-tax (VAT) collection increased by around 16%.
Earlier, in the initial estimate of the NBR, revenue collection was a little over Tk3.25 lakh crore in FY23. According to the final estimate, the revenue has increased by Tk6,230 crore compared to the initial estimate.
