Tax receipts rise 27pc in July

Tax revenues increased by 27% year-on-year in July to Tk 12,189 crore, supported by higher imports and the collection of value added tax from domestic trade, according to the provisional estimate of the National Revenue Council.

In tax collection on import in July, the tax authority recorded a 51% growth at Tk 4,777 crore.

During the month, imports increased by 47% from the previous year to $ 4,325 million, according to data from the Bank of Bangladesh.

At the domestic level, VAT collection, a type of consumption tax, rose 19 percent year-on-year to Tk 4.355 crore in July, the first month of fiscal 2017-18.

Income tax revenues increased by 11% over the previous year to Tk 3.057 crore during the month, according to the NBR.

This fiscal year, taxpayers received the target of Tk 248,190 crore, 34% more than the total NBR revenues in the 2016-17 fiscal year.

The NBR could connect 91 percent of the tax recovery target of Tk 203,152 crore the previous fiscal year, according to NBR data.

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