Economy faces challenges of revenue shortfall, defaulting loans
GBNEWS24DESK//
According to a budgetary document, revenue deficit and increasing unrealised loans in banking sector are hurtimg the economy. It also stated that poverty situation is also a matter of future concern, reports UNB.
The target of revenue collection for the running fiscal has been set at Tk 3,30,078 crore.
VAT wing will contribute the lion share with Tk 1,27,745 crore and target for Income Tax and Tax on Profit has been set at Tk 1,04,952 crore.
The revenue collection from import duty will be Tk 37, 907 crore, Tk 54,465 crore from from Supplementary Duty, Tk 56 crore from export duty, Tk 3,825 crore from Excise Duty while Tk 1,050 crore from other taxes and duties.
In the last fiscal (2020-21) the revised revenue target was Tk 3,01,000 crore while it was set Tk 3,30,000 in the main budget.
But the NBR could not attain the revised target mainly due to the ongoing pandemic that forced the government to impose various types of lockdown that hampered the economy a lot.
According to the available data the revenue collection in 2020-21 fiscal was Tk 41,000 crore less than the revised target while Tk 70,000 from the original target.
The collection was Tk 2,59,900 crore although the growth was 19 per cent.
According to data, the tax to GDP ratio of the country has been 9.9 percent on an average since 2015-2019, while it is 19.8 percent for India, 23.9 percent for Nepal, 14.7 percent for Pakistan, 13.5 percent for Sri Lanka.
The ratio is 25.6% for developing countries and 35.9% for developed countries, according to the data.
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