Commerce Minister Tofail Ahmed has said that the country now earns around US$ 30.1 billion every year from exports which was only US$248 million in 1971.
The minister made this disclosure while addressing a gathering to mark the National VAT Day and launching of VAT Week at Mahakhali’s RAOA Convention Center in the capital on Thursday.
10 July is the National VAT Day. Value Added Tax was introduced on 10 July, 1991. It is a unique largest source of the government revenue. About 56 per cent tax revenue comes from VAT.
Mentioning neighboring countries export earnings, Tofail said Bangladesh now ‘more fit’ than other neighboring countries. Bangladesh’s export earning is now $30.1 billion while it was 248 million in 1971. Pakistan’s export earning is now only $10 billion, he said.
Pointing to National Board of Revenue (NBR), Tofail said they should expand the tax areas instead of imposing tax on persons or institutions.
The minister also urged the NBR authorities to stop harassment of taxpayers in the country.
NBR has awarded 122 industries and persons for ‘good paying’ of VAT.
Economic Affairs Advisor to Prime Minister Mashiur Rahman, State Minister for Finance and Planning MA Mannan, Acting President of FBCCI Monowar Hakim Ali and high officials of the NBR were present at the programme.
