The National Board of Revenue managed to collect Tk 1,09,267 crore in the first eight months of the current fiscal year, which is only 54 per cent of the total target set for the entire fiscal year, according to the NBR data.
The tax authorities will have to collect Tk 93,885 crore in the remaining four months to achieve the annual revenue collection target of Tk 2,03,152 crore in income tax, customs duty and value-added tax set for the FY 2016-2017.
Officials said that despite an impressive revenue collection growth at 19.59 per cent in the July-February period of this fiscal year, the revenue board faced a shortfall in collection mainly because of an ambitious collection target.
In July-February of the FY 2015-2016, revenue earnings were Tk 91,365.37 crore.
Revenue collection needs to grow by around 31 per cent over the actual collection of Tk 1,55,518.72 crore in FY16.
Revenue generation on an average grew by only 14.43 per cent in last five years.
According to the NBR data released last week, taxmen in the July-February period collected domestic sector VAT the highest — Tk 41,691.56 crore — with an 18.36-per cent rise
compared with that in the same period of the last fiscal year.
Revenue collection in customs duties including VAT and supplementary duty at the import stage stood at Tk 34,617.37 crore and the income tax collection stood at Tk 32,958 crore in the period, the data showed.
VAT and income tax collection grew by 18.36 per cent and 18.22 per cent respectively in the period compared with that in the same period of the last year, it showed.
Officials said that the economy of the country was not performing in line with the projections on which the excessive collection target was set.
The government projected that the economy would grow by 7.2 per cent in this fiscal year while all international agencies including International Monetary Fund and World Bank made lower GDP growth projection for the country.
ADP implementation was also very slow during the July-February period of this fiscal year as only 37 per cent of the total allocation under the annual development programme was implemented, officials said.
The growth of revenue earnings from the export sector slowed by 34 per cent in the period after a marginal export growth at 3.22 per cent.
The government, however, is considering slashing revenue collection target by a significant amount amid sluggish performance of the economy.
The target may be cut by Tk 23,000 crore, officials said.