Revenue shortfall of Tk 42,000 crore in just three months

According to NBR sources, the total revenue collection target for the current fiscal year is Tk 604,000 crore. Although income tax collection grew by 17 percent in the first three months, there were large shortfalls in VAT and customs duties at the import-export stage. The shortfall in customs is about Tk 12,135 crore. Officials concerned attribute the 15.81 percent decline in VAT collection compared with last year to administrative weaknesses, the new rule requiring returns to be filed every three months, and lower VAT receipts from several large companies.