government falls Tk 17,946 crore short of the revenue last fiscal year as one of IMF's $4.7 billion loan conditions
Tax collection by the National Board of Revenue (NBR) shot up in May, powered by buoyancy in value added tax (VAT) collection from domestic economic activities and increased income tax receipts, according to a provisional estimate.
It will not reduce capital flight, only encourage the corrupt
The government is on track to meeting the International Monetary Fund’s tax collection target for March but may miss the mark in June.
The revenue authority desperately needs to accelerate tax collection in order to enable the country to widen its capacity to spend more from its own coffer and cut reliance on external funds, said its chief yesterday.
Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.