Home ›› 10 Dec 2020 ›› World Biz
The National Board of Revenue (NBR) eyes to ensure submission of cent percent VAT returns through online within the next 10 months as such submission of returns reached 67 percent till October this year.
The number of value added tax (VAT) returns submitted through online has increased during this COVID-19 pandemic as around 74,000 returns were submitted during the period till October.
NBR Member (VAT Policy) Abdul Mannan Shikder said this while presenting a key-note paper at a seminar and honouring the best VAT payers at the NBR Building Conference Room today marking the National VAT Day and VAT Week-2020.
Mannan said anyone would be able to submit VAT returns through online and the taxpayers are availing of such facility well during this pandemic. “But, those who could not be able to submit VAT returns through online, may submit returns through traditional method or in papers which the VAT officials are converting to digital data through scanning,” he added.
He went in saying, “In the rate, the submission of VAT returns through online has been increasing, we can hope that all VAT returns submission will be done through online within the next 8 to 10 months.”
Speaking on the occasion, NBR Chairman Abu Hena Md Rahmatul Muneem said that the economic growth of Bangladesh is laudable despite the COVID-19 pandemic.
The country fared better in overall aspects although there was stagnancy to some extent in tourism, transport and services sectors.
The NBR chairman said automation is very much important for increasing VAT collection while the Board has been working to this end. “Our goal is to make more simple the process for paying VAT and income tax,”
FBCCI President Sheikh Fazle Fahim said they have been working to increase the net and scopes for VAT. He also demanded of the government to reduce VAT and tariff.
Chief executive officer of Grameenphone Yasir Azman said the NBR should have to go for more automation to sustain the success of economic growth.
Terming EFD as a milestone of automation for the NBR, he said that it would ensure transparency among all the stakeholders including buyers and sellers.
Some nine best VAT providing business firms at national level were honored with crests at the function.
In the manufacturing sector, the recipients were Popular Pharmaceuticals, Berger Paints and Fair Electronics Limited. In the business sector, the recipients were Hamko Corporation, Siemens and Unimart.
In the services sector, the award recipients were Summit Communications, Qatar Airways and Chattogram Warehouse Limited.
Alongside the national level, some 131 VAT providing business organizations at the district level were also given awards at the function in three categories.
(Source: BSS)
