Govt looks for ways to fulfill revenue collection target for FY18

Finance Minister AMA Muhith on Wednesday said the government is looking for alternative ways to meet about Taka 20,000 crore revenue deficits which is likely to be created for delayed implementation of the Value Added Tax (VAT) and Supplementary Duty Act, 2012.

"I shall not think about it now. There will be a shortfall of Taka 20,000 crore in revenue collection in the current fiscal. You will hear something about it by the end of this month," he said.

The finance minister told journalists after the meeting of the Cabinet Committee on Government Purchase (CCGP) at cabinet division in the city.

Responding to a question, Muhith said the government is collecting VAT as per the VAT law 1991 and 2012 by making amendments.

On June 1, Muhith rolled out a Taka 4,00,266 crore national budget for fiscal 2017-18. The revenue collection target for the next fiscal has seen set at Taka 287,990 crore of which Taka 248,190 crore will come from the NBR sources.

He also proposed to implement the Value Added Tax (VAT) and Supplementary Duty Act, 2012 from July 1. But in his concluding speech in Jatiya Sangsad on the budget for FY18 on June 28, the finance minister announced to hold up the enforcement of the Value Added Tax (VAT) and Supplementary Duty Act, 2012 for the next two years.

Source: BSS