Dhaka: Encouraged by the good performance of the National Board of Revenue (NBR) in collection of revenue in the current fiscal year, the government has set a target of Tk 2,87,991 crore (13 per cent of GDP) revenue collection for the next fiscal year.

Unveiling the national budget for the fiscal year 2017-18, Finance Minister AMA Muhith on Thursday said the government is laying emphasis on increasing the revenue collection for successful implementation of the government’s development agenda.

‘We’re already reaping the benefits of reforms adopted to increase NBR revenue collection.’

He said the growth rate of NBR revenue collection up to March of the current fiscal year stands at 20 per cent which is the highest in recent years.

The minister said the ongoing reform programmes, including the automation of revenue administration, reduction of tax exemptions, expansion of tax administration, tax net and tax base will be strengthened in the next fiscal year.

Besides, Muhith said the VAT Act 2012 will be effective from July 1, 2017 which will add a significant momentum to revenue collection.

‘In this backdrop, we’ve estimated revenue collection for the next fiscal year at Tk 2,87,991 crore (13 pc of GDP). Out of this, Tk 2,48,190 crore (11.2 pc of GDP) will accrue from NBR sources,’ he said.

Besides, Muhith said, the target of Non-NBR tax revenue collection has been fixed at Tk 8,662 crore (0.4 pc of GDP) in FY 2017-18. ‘The target of non-tax revenue collection has been set at Tk.31,179.crore (1.4 pc of GDP). The revenue target is expected to be achieved due to our recent initiatives for revising fees/rates in consistence with market rates and improved monitoring system.