60% markets, shopping malls in Chattogram are registered for VAT

Sixty per cent markets and shopping malls in the port city have come under the network of VAT registration in six units of Chattogram Customs Excise and VAT Commissionerate. Besides, the number of companies registered for VAT has also increased by 48 per cent in the area.

The VAT revenue collection has increased 8.5 percent compared to the previous year in the just-departed fiscal year 2020-21. A total of TK 9,440 crore VAT revenue has been collected in 2020-21 fiscal year.

The revenue collection was Tk 8,006 crore in last 2019-20 financial year. As a result, revenue collection has increased by Tk 584 crore in one year. In other words, the revenue collection has increased by 8.5 percent. The number of registered organizations was 21,014 in Chattogram in the last 2019-20 financial while the number of registered organizations now stands at 31,094.

According to VAT officials, 60 percent of the shops and shopping malls under the six units of Chattogram Customs, Excise and VAT Commissionerate in Agrabad, Chattala, Chandgaon, Rangamati, Khagrachhari, Patiya, Cox’sbazar and Bandarban are under the net of VAT registration.

Concerned people opined that VAT is collected based on the sale of goods. “If businesses run properly, the VAT collection will also increase. There has been a boom in trade and commerce in the city over the last year, despite the outbreak corona pandemic,” they said.

VAT Commissionerate Commissioner Mohammad Akbar Hossain told BSS that revenue collection has increased by Tk 584 crore in FY 2020-21 compared to FY 2019-20. He said that the number of companies registered for VAT has also increased by 48 percent.

The VAT revenue collection has increased by 8.5 percent in one year during corona epidemic, he added.