Wednesday 20 March 2019 ,
Wednesday 20 March 2019 ,
Latest News
  • Rangamati AL leader shot dead hours after 7-murder
  • Varsity student’s death triggers demo in capital again
  • Khaleda vomits before court appearance
  • Bhutan PM to visit Dhaka mid-April
  • FIFA council member Kiron gets bail
8 June, 2018 00:00 00 AM
Print
Transparent VAT collection

Electronic devices to be installed in business units

UNB

The government has taken an initiative to install Electronic Fiscal Device (EFD) in business units for ensuring transparency in VAT collection system as the highest portion of revenue is collected from VAT and Supplementary Duty, reports UNB.

Finance Minister AMA Muhith announced the new initiative while placing the budget for the next fiscal in Parliament yesterday.

He said the target for the National Board of Revenue (NBR) for the next fiscal has been set at Tk 296,201 crore. The highest revenue of Tk 110,543 crore will come from VAT while Income Tax and Other Direct Taxes will contribute Tk 102,201 crore.

The import and export tax will provide Tk 32,589 crore to the national exchequer while supplementary duty will contribute Tk 48,766 crore, excise duty Tk 2,091 crore crore and Turnover Tax will Tk 11 crore.

Among all the revenues collected by NBR, he said, the highest portion of revenue is being collected from VAT and supplementary duty.

“As part of digitalising the VAT administration to strengthen the revenue base, the government has taken initiatives to introduce VAT Online system,” he said.

Muhith mentioned that 105,000 units have already availed of online VAT registration facility.

The Finance Minister said the NBR collects almost 85 percent of the total revenue and the impetus of revenue collection has been quite good in recent years.

“The average growth of NBR revenue collection in this decade is more than 17 percentages, which is the highest in last 4 decades. As a result, our tax-GDP ratio is increasing gradually although not to our satisfactory level.”

The Finance Minister put emphasis on the collection of adequate revenue from internal sources to continue current economic progress. “We’ve emphasised collection of revenue not by increasing tax rate but through expansion of tax base and encouraging self-compliance by reforming the existing tax system.”

He mentioned that the number of registered tax payers and return submission has increased beyond our expected level.

The number of registered tax payers is more than 35 lakhs now. “I hope the number of registered taxpayers and return submission within the next five years would be one crore and eighty lakhs, respectively,” he said.

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 54.8%
No 41.4%
No Comment 3.8%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
0102
03040506070809
10111213141516
17181920212223
24252627282930
31

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting