At the end of the first eight months (July-February) of the current 2024-25 fiscal year of Bangladesh, the National Board of Revenue (NBR) has fallen behind its revenue target by more than Tk 58,000 crore. The growth rate has been only 1.76%.
According to the NBR’s Statistics Department, the revised revenue target for these eight months was Tk 2,80,059.21 crore, while the actual collection amounted to Tk 2,21,817.09 crore, resulting in a deficit of Tk 58,242 crore. In the same period of the 2023-24 fiscal year, revenue collection was Tk 2,17,971 crore.
For the current fiscal year, NBR was initially given a target of Tk 4,80,000 crore. However, midway through the fiscal year, the target was reduced to Tk 4,63,500 crore.
Previously, by the end of six months (December), the deficit was already around Tk 58,000 crore. NBR officials have attributed the shortfall to several factors, including political instability in July and August and the appreciation of the US dollar.
According to research and statistical data, revenue collection from imports during the July-February period of the current fiscal year stood at Tk 64,439 crore, compared to Tk 65,288 crore during the same period last fiscal year, marking a decline of 1.30%.
In contrast, revenue collection from Value Added Tax (VAT) and excise duty at the local level reached Tk 84,223 crore in the first eight months of the current fiscal year, up from Tk 82,402 crore in the same period last fiscal year, reflecting a growth of 2.21%. Meanwhile, income tax and travel-related revenue collection amounted to Tk 73,154 crore between July and February of the 2024-25 fiscal year, compared to Tk 70,280 crore during the same period last fiscal year, representing a growth of 4.09%.
Previously, by the end of six months (December), the deficit was around Tk 58,000 crore. Experts suggest that political instability in July and August, along with the rising dollar value, contributed to the decline in revenue collection. Research organization CPD has predicted that the revenue shortfall for the current fiscal year could reach Tk 1,05,000 crore.