NBR earns Tk 80cr surplus duty in Jul-Aug

The National Board of Revenue (NBR) fetched a surplus of Tk 80 crore for the national exchequer in the first two months of the current fiscal year from duty on export and import items.

The revenue collecting agency earned Tk 7,682 crore in the July-August period of the current fiscal year against the target of Tk 7602 crore, according to the NBR data.

The NBR set a target of collecting Tk 203,212 crore as revenue which is 35.4 percent higher than the revised target of the 2015-16 fiscal.

VAT will be the biggest contributor with Tk 72,764 crore while Tk 71,940 crore will come from income tax and tax on profit and Tk 58,447 crore from export and import duty.

Talking to UNB, a senior customs official of the NBR said the surplus revenue collection from the customs duty is a good sign when the collection from this pocket is shrinking day by day.

He mentioned that after the liberalisation of the customs duty around the world, the revenue collection from this sector is downsising in countries like Bangladesh.

Noting that the customs duty was the biggest contributor to the national exchequer in the recent past, he said: "But those days are gone, now income tax or VAT is the biggest contributor," he said.

The customs official also said the government fixed minimum price of 200 items in the budget for the 2016-17 fiscal year. "That's why the revenue collection from the duty has seen an increase," he added.

The customs officials said before the fixation there was scope of evading customs duty by giving false declaration of these items. But after the minimum price fixation in the budget, the scope of evading the duty has gone. "Besides, the amount of import of various items has also increased," he added.