Bangladesh FY20 revenue drops by 2.26pc year on year after pandemic

  • Zafar Ahmed, bdnews24.com
    Published: 2020-07-27 23:57:43 BdST

bdnews24

Bangladesh has suffered a 2.26 percent year-on-year drop in revenue collection in fiscal 2019-20 after the coronavirus pandemic hit income taxes, travel, VAT, customs and other sources.

The government had set a target to collect Tk 3.255 trillion in the last fiscal year, but revised it down to Tk 3.005 trillion in March this year after the outbreak had begun shattering economies. 

The revenue collection in the last fiscal year was finally a little over Tk 2.184 trillion, according to the National Board of Revenue.    

Asked how the government set a revenue target of Tk 3.3 trillion for this fiscal year while the pandemic is still ongoing, NBR Chairman Abu Hena Md Rahmatul Muneem told bdnews24.com: “Ask your own conscience. You’ll get the answer.”   

He declined to comment further.

Income tax and travel sectors took the biggest hits from the coronavirus crisis, with the NBR collecting only Tk 730 billion against a target of around Tk 1.067 trillion.

The nationwide shutdown and drop in consumption following joblessness and income shrink affected the collection of value added tax. The NBR collected around Tk 848.5 billion against the target of Tk 1.086 trillion with a 2.67 percent year-on-year drop.   

A drop in import led to a decrease in customs as well with a collection of Tk 605.53 billion against a target of Tk 852.21 billion.