‘VAT transparency to reduce tax burden’

Implementing the Document Verification System will bring transparency in Value Added Tax collection as it would ensure accuracy in the audit report, National Board of Revenue Chairman Abu Hena Md Rahmatul Muneem said on Tuesday.   

“Ensuring transparency in the accounting and revenue process will allow us to increase revenue collection and reduce the tax burden on taxpayers,” he said at a Memorandum of Understanding signing ceremony for using DVS between the NBR and Institute of Chartered Accountants of Bangladesh (ICAB).

Abu Hena said DVS would bring massive changes in revenue
administration and be a useful tool to ensure single audit report of organisations. 

“The introduction of DVS will ensure transparency and accountability in revenue administration, helping to prevent fake audits and fake reports.

This will reduce revenue evasion and bring back discipline in the financial sector.

The government will get proper revenue and VAT compliance will increase,” the NBR chairman said.

According to NBR’s press release, the new system (DVS) will be helpful to officers during the VAT audit.

It will help ensure proper taxation and the government will receive proper revenues.

VAT compliance will increase and the tendency of taxpayers to evade taxes will go down.