NBR sets Tk3.70 lakh crore revenue collection target for FY23
The target is 12% higher than the current fiscal’s target
The National Board of Revenue (NBR) has set the revenue collection target for fiscal year 2022-23 at Tk3,70,000 crore.
According to an NBR letter to its field offices, Tk1,22,100 crore, which is 33% of the total revenue collection target, will be collected as income tax in the next fiscal year.
A total of Tk1,36,900 crore will be collected as value added tax (VAT) and Tk1.11 lakh crore as customs duty which are 37% and 30% of total revenue targets respectively.
Keep updated, follow The Business Standard's Google news channel
The target is 12% higher than the current fiscal target, which is Tk3,30,000 crore.
However, the NBR has already managed to achieve 53% of the target till February this year.
The NBR posted 15.28% year-on-year growth in revenue collection, which amounted to Tk1.53 lakh crore in the first eight months of the fiscal 2021-22, thanks to a surge in imports with pandemic easing slowly.
Of the three types of revenues, the growth in customs was the highest 22.79% in the July 2021- February 2022 period, while value-added tax saw a 10.62% and income tax 13.79% increase compared to those of the previous fiscal year.
