Business Desk :
National Board of Revenue Chairman Abu Hena Md Rahmatul Muneem has asked officials concerned to boost Value Added Tax collection from the retail sector and expand the VAT net in this segment.
Expressing his dissatisfaction on Wednesday over VAT collections from this particular sector, Muneem added, “There are thousands of businesses in this country, but only 3.23 lakh are registered for VAT, and among those, a meager 3,486 have electronic fiscal devices (EFDs).
“We have to increase these figures further. Therefore, the commissionerates need to be more aware about this issue, and have to work on this.”
The NBR chairman made the remarks at the 12th lottery draw programme at his office in the capital’s Shegunbagicha. NBR conducted the lottery draw based on receipts generated through EFDs against purchases made by consumers from stores.
Addressing the event, the Muneem further said, “This sector needs to be strictly monitored, and institutions eligible for VAT should be brought under the VAT net. There is a shortage of manpower in the VAT department, so more manpower will be recruited to boost collections.
“We are working to overcome the barriers in VAT collection. The people used to have concerns about paying VAT, but this is no longer the case. The inclusion of VAT in commodity prices has made things better for the consumers.”
He added that revenue is essential for the country’s development, and if everyone pays VAT transparently, the country will go further.
The NBR held the 12th draw on the invoices issued from December 1 to December 31, to give 101 prizes to buyers who bought from shops that used EFDs, a type of transaction register. This initiative aims to encourage people to ask for machine generated receipts from sales persons, which ensure that the actual amount of VAT – a type of consumption tax – goes to the state coffers properly.
