VAT returns submission jumps by 88pc

NBR observes National VAT Day on Sunday

Staff Correspondent | Published: 00:05, Dec 08,2017 | Updated: 23:08, Dec 07,2017

 
 

National Board of Revenue chairman Md Nojibur Rahman speaks at a press meet held in Dhaka on Thursday regarding the National VAT Day (December 10) and the VAT Week (December 10-15). — New Age photo

The number of VAT returns submission by the businesses sharply increased by 87.5 per cent and stood at 60,000 in the current fiscal year of 2017-2018, National Board of Revenue chairman Md Nojibur Rahman said on Thursday.
In last fiscal year (2016-2017), some 32,000 businesses filed value-added tax returns, he said at a press briefing held at the NBR headquarters in Dhaka.
The revenue board organised the briefing ahead of the National VAT Day to be celebrated on December 10.
NBR officials said that they experienced the big jump following automation of business identification number (BIN) issuance process and intensive monitoring by the VAT authority.
The revenue board instructed the field-level VAT offices to motivate online BIN receiving businesses to file VAT returns regularly, they said.
The NBR will organise several programmes across the country including the central one at its under-construction building at Agargaon in Dhaka on the occasion of National VAT Day and VAT Week to be observed in December 10-15.
At the programme, the revenue board will also honour top nine businesses at the national level for depositing the highest amounts of VAT in three categories — production, service and business — to the government exchequer for the fiscal year 2015-2016.
It will also reward 140 top VAT-payers at the district level for their contribution in VAT payment for the same fiscal year.
More than 35,000 regular VAT-paying firms will also receive VAT honour cards from the revenue board.
At the briefing, NBR member (VAT and customs administration) Rezaul Hasan said VAT honour card would be issued to all compliant businesses who submitted 12 VAT returns from July 1, 2016 to June 30, 2017.
Businesses will receive VAT honour cards on the occasion of National VAT Day, he said.
He said that the number of returns submission increased after introduction of digitally issuance of BIN, known as VAT identification number, and intensive monitoring by the revenue board.
The NBR introduced e-BIN system in March last year and till now around 70,000 businesses obtained e-BINs.
Three are some 8.64 lakh old BIN holders in the country.
Nojibur said that compliant businesses would be known as VAT trustee and would get VAT award for submission of returns and depositing of VAT regularly.
The revenue board on Thursday published the names of the highest VAT-paying companies in the three categories.
According to the NBR, Narsingdi Gas Field (Narsingdi), Healthcare Pharmaceuticals Ltd (Gazipur) and Berger Paints Bangladesh Ltd (Savar, Dhaka) are the highest VAT-payers in the production category.
In the business category, SC Johnson Private Ltd (Gazipur), Unimart Ltd (Dhaka) and Prince Bazar Ltd (Dhaka) have become the top VAT-payers for the year.
Fiber @ Home Ltd (Dhaka), One World Aviation Limited (Dhaka) and Bureau Veritas (Savar, Dhaka) will get the award in the service category.
At the district level, three top VAT-paying businesses, one each from the three categories, were supposed to get the award. But, the number remained limited to 140 as the NBR did not get eligible businesses under all the categories in some districts.
The awardees have been selected under the highest VAT-payers Award Giving Policy-2005 (amended) on the basis of volume of their VAT payment in FY16.
Under the policy, businesses having 10 per cent growth year-on-year in VAT payment and no disputes over taxes with the NBR are selected for the award.
In reply to a query, the NBR chairman said that the overall revenue collection grew by 16.68 per cent in July-November of the current fiscal year compared with that in the same period of the last fiscal year.
Customs duty collection grew by the highest — 21.81 per cent — in the period. 

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