- NBR plans to initiate a door-to-door campaign to improve VAT collection due to unsatisfactory revenue inflow
- VAT collection until October was Tk 41,192 crore, below the target of Tk 51,904 crore
- By November, VAT collection increased to Tk 45,831 crore, still below expectations
- The government has set a VAT collection goal of Tk 1,59,100 crore for the fiscal year 2024-25
- NBR chairman has instructed field officials to work with sincerity and integrity to boost VAT collection
- Businesspeople are urged to settle their pending VAT and register to avoid complications
- NBR to install Electronic Fiscal Devices in major cities to prevent VAT evasion
- These devices ensure VAT payments are directly transferred to NBR’s server, reducing fraud
- The government aims to enhance VAT collection from retail and wholesale businesses using these devices
- NBR’s VAT department acknowledges substantial VAT evasion at retail and wholesale levels
- In 2008, e-cash registers were mandated for certain business types but did not yield expected results due to non-compliance and collusion with revenue officials
Source: unb.com.bd
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
