VAT collection should be increased by involving the people

News Desk: Referring to the religious responsibility of the people to pay taxes, Finance Minister AHM Mustafa Kamal said, "I will tell those who are collecting VAT to collect VAT by increasing their involvement with the people."

Addressing the officials of the Board of Revenue, he said, "One thing you have to keep in mind is to put more pressure on those who just pay taxes, to put pressure on those who are not paying VAT, to bring them under VAT."

He made the remarks at an exchange of views on the occasion of 'VAT Day and VAT Week 2021' at the IDB building at Kakrail in the capital on Friday (December 10). On this day, the Finance Minister handed over the honors to 9 institutions which have paid the highest VAT at the national level for the fiscal year 2019-2020.

The list of awardees includes Aristopharma Limited, Square Toiletries Limited and Messrs. Maya Bidi Factory from the manufacturing sector. Business class includes SM Motors, MCO Bajaj International and Union Motors Limited. The three best VAT payers in the service category are IDTCO Bangladesh Company Limited, Gray Advertising Limited and Robert Boss (Bangladesh) Limited.

"Everyone wants to pay VAT," he said. But due to the complexity of the legal process, many are unable to pay VAT. For this the law has to be simplified. They will come forward on their own if they simplify the required forms in VAT and take it to the buyer.

Addressing the best VAT payers, the finance minister said that whatever you have, that wealth is there but your neighbor has rights. They have a right to your income. I am trying to bring the backward people into the mainstream of the economy with your VAT tax money. We are building the infrastructure with the revenue you are giving, we are working to bring the backward people in front. Your responsibility is to motivate others to pay VAT.

Chairman of the National Board of Revenue Chairman Abu Hena. Rahmatul Munim said that tax exemption is not always negative. It increases employment. We need to keep tax breaks, reduce tax breaks and be selective.

Talking about various initiatives to increase the tax net, he said, "We have taken steps to increase the capacity of the Board of Revenue." We have started raising taxes up to the district level.

FBCCI President in a special guest speech. Jasim Uddin said it is important to encourage those who are paying VAT regularly without harassing them. Officers conducting raids in the field, seizing records, harassing, sending claims, notices issued and allegations of panic are not conducive to a stable business. However, we are not in favor of those who deliberately evade revenue.

He further said that in order to implement the VAT Act and achieve the revenue targets, regular discussions are required with the district chambers and sector based associations. We think that setting up two LTUs in Dhaka and one LTU in Chittagong for VAT would help in raising revenue.

He said the hotline of the National Board of Revenue is for taxpayers to get answers to various questions related to VAT
17555 is requested to be implemented again.

Comments (0)