The National Board of Revenue fell short of its tax collection target for fiscal 2013-14 by 3.59 percent, or Tk 4,488 crore, due to lower receipts from income tax and VAT from domestic sources.
Overall collections though rose 10.41 percent year-on-year to Tk 120,512 crore, according to data from the revenue authority which released its annual collection figures yesterday.
With the receipts falling below last year's target of Tk 125,000 crore, taxmen will now have to log in a 24 percent growth in its collections to attain the target of Tk 149,720 crore for the current fiscal year.
Taxmen blamed the slowdown in investment and the sluggish domestic demand for the less-than-target collection figure for fiscal 2013-14.
While economic activities picked up in recent months, the recovery was not enough to help the NBR hit the target despite increased monitoring and efforts to collect VAT at source and realise dues, and initiative to expedite settlement of court cases. Only collection of tax from import stage, mainly customs and VAT, exceeded the target last fiscal year: the NBR logged in Tk 33,230 crore, up 3.18 percent year-on-year.
Collections from VAT and supplementary duty from domestic sources grew 11.75 percent to Tk 43,726 crore. Despite the growth, the receipts fell short of target by Tk 3,124 crore. Income tax collection, which increased 15.51 percent year-on-year to Tk 42,915 crore, was short by Tk 445 crore from the target of Tk 43,360 crore.