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23 September, 2018 09:10:29 AM
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VAT dodgers come under NBR scanner

It moves to realise Tk 15,000 cr unpaid VAT
Independent Online Desk
VAT dodgers come under NBR scanner

The National Board of Revenue (NBR) has decided to send letters to value added tax (VAT) dodgers to realise a huge unpaid VAT of Tk. 15,000 crore.

Sources at the Large Taxpayers Unit (LTU) of the VAT wing of NBR told UNB that the NBR will soon start sending letters to the business entities requesting them to pay their due VAT. 

"If this does not bring positive result then we will go for the law suit as per the law," said an official speaking on condition of anonymity.
  
He said there is Tk 15,000 crore of VAT remain unpaid by gas companies, private mobile operators, banks and other entities. 

There is allegation that some entities are realising the VAT from the customers but not depositing the tax to the national exchequer, said NBR sources. 

NBR has taken an initiative to dispose long pending cases related to VAT aiming at expediting the collection of the revenue in the national exchequer.

"We will strengthen our law suit for quick disposal of the VAT related cases that have been pending in the courts," said a senior official working in the LTU.

"The NBR has given directives to strengthen their field level monitoring for this purpose," said an NBR official.

The LTU officials will scrutiny and examine the prices announced by the big business houses for their products and services.

So far, the VAT officials have accepted the prices of the products and services declared by the giant business houses. 

"But the LTU officials while doing their scrutiny in the public and private entities' for the prices of the products and services, will also check annual report and other documents. There will be no breach of law in this process," said the official.

For fiscal year 2018-19, the government has set a total revenue target – tax and non-tax revenue - at Tk3, 39, 280 crore. Of this amount, the NBR has been tasked to source Tk 2, 96, 201 crore.

Income tax and other direct taxes will contribute Tk 102,201 crore, import and export tax will contribute Tk 32,589 crore, VAT Tk 110,543 crore, supplementary duty Tk 48,766, excise duty Tk 2091 and turnover tax Tk 11 crore.

Of the Tk 110,543 crore VAT target, the share for the LTU is Tk 60,617 crore.unb.

KK

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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.

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