Turnover shows strong economic recovery in the first quarter

The National Revenue Council (NBR) recorded a 16.72% growth in revenue collection in the first three months of fiscal year 2021-2022, indicating a strong economic recovery.

The government collects these revenues from domestic enterprises, importation of goods and personal income.

An NBR official said that revenue collection has increased due to the normalization of economic activities, the digitization of the revenue system, and the strengthening of withholding tax collection and the administration’s oversight system. fiscal.

Revenue collection around the same time last year was quite low due to the pandemic.

Abdul Majid, former NBR chairman, said the economy had regained much of its momentum after the coronavirus first hit.

“Since the start of this fiscal year, import-export has increased, local production and the supply chain have also grown. As a result, revenue collection has also increased,” he said. declared.

“However, the income of small businesses and low-income people has not been normal. Its effect on income is not the same.”

According to the statistics service of the BNR, the collection of customs revenue at the import stage ensured the first place.

According to provisional data, the NBR grew by 21% through September. The collection was Tk 19,309 crore in the first quarter of this fiscal year in the customs sector against the target of Tk 21,727 crore.

Customs officials say many products from previous orders have entered the country in recent months. Imports of cement clinker, steel materials and machinery increased through the port of Chattogram.

Like customs, the NBR has been more successful in the VAT sector. Most of the success has come from the large taxpayers (VAT) unit set up to collect VAT from large companies.

According to tax administration sources, VAT sector revenues amounted to Tk 21,092 crore against the target of Tk 23,040 crore in the first three months. Growth was 16.45%.

An official in the VAT department believes that this success is mainly due to the growth of the business of large companies and the strengthening of their control system.

The BNR collects 80% of the source sector tax from individuals and companies. In the first quarter, income tax growth was 12.74%.

Abdul Majid believes that the highest growth should have been in the income tax sector at the start of the fiscal year.

He clarified that the tax part is deducted at source. It does not require NBR monitoring. The collection in this sector is a little easier because the tax is deducted directly from the bank accounts of the taxpayers.

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