Gazi Anowarul Hoque :
Taxmen hope to harness a higher amount of Tk 60,817 crore in revenue from large taxpayers this fiscal year by executing a strategic plan.
In 2018-19 fiscal, the government has set up a target to collect Taka 1,10,000 crore as VAT. Out of the total target, NBR will collect Taka 60,617 crore VAT under the LTU.
“As part of the move, NBR has sent letters to the large taxpayers for paying their due within a short time. NBR has also taken necessary steps to settle the pending cases quickly,” VAT LTU Commissioner Muhammad Mubinul Kabir said on Saturday.
He said NBR will also take legal action against the taxpayers, if they fail to pay the outstanding VAT within a short time.
“More than Taka 15,000 crore VAT is outstanding under the LTU. Many business entities collect VAT from their customers, but does not deposit in the government treasury,” he added.
“The unit closely scrutinized the submitted returns to identify whether the LTUs are misusing the tax waiver facility or paying tax at sources properly,” he said adding that the revenue target under LTU is Taka 60,817 crore.
He hoped that the move will help achieving the target of revenue collection for 2018-19 fiscal.
They especially eye the highest amount of VAT collection from cigarette, petroleum gas and mobile-phone sectors.
A senior official of the unit said the LTU is optimistic about being able to surpass the target through resolving cases and realising dues revenue lying with Petrobangla.
The unit will focus on capacity building of LTU officials and optimum use of ICT, intensify Alternative Dispute Resolution (ADR), pay sudden visit to business units holding revenue potential and a ensure taxpayer-friendly environment.
All mobile-phone operators in the country, including Grameenphone, Robi Axiata, Banglalink, Teletalk and Pacific Bangladesh Telecom Limited, pay VAT under the unit.
Dutch-Bangla, Islami Bank, Pubali Bank, Sonali Bank, Uttara Bank, AB Bank, HSBC Bangladesh Limited, South East Bank, Prime Bank, Premier Bank, National Bank Limited, Agrani, Janata, Brac Bank, Bank Asia, Dhaka Bank, Standard Bank pay VAT under the unit.
The LTU contributes 56 per cent of the aggregate VAT collection by the revenue board.
Meanwhile, the deferment of enforcement of a new VAT law that ratifies a uniform rate of 15 per cent VAT amid protests is anticipated to have a major impact on collection of the tax and, thus, on overall revenue mobilisation this fiscal year. And such strategic plans are designed partly to make up for the revenue shortfalls.
National Board of Revenue (NBR) has collected Taka 2836 crore in July this year under the Large Taxpayer Unit (LTU) of Value Added Tax (VAT) which was Taka 239 crore up from the target as the target was Taka 2597 crore.
Taxmen hope to harness a higher amount of Tk 60,817 crore in revenue from large taxpayers this fiscal year by executing a strategic plan.
In 2018-19 fiscal, the government has set up a target to collect Taka 1,10,000 crore as VAT. Out of the total target, NBR will collect Taka 60,617 crore VAT under the LTU.
“As part of the move, NBR has sent letters to the large taxpayers for paying their due within a short time. NBR has also taken necessary steps to settle the pending cases quickly,” VAT LTU Commissioner Muhammad Mubinul Kabir said on Saturday.
He said NBR will also take legal action against the taxpayers, if they fail to pay the outstanding VAT within a short time.
“More than Taka 15,000 crore VAT is outstanding under the LTU. Many business entities collect VAT from their customers, but does not deposit in the government treasury,” he added.
“The unit closely scrutinized the submitted returns to identify whether the LTUs are misusing the tax waiver facility or paying tax at sources properly,” he said adding that the revenue target under LTU is Taka 60,817 crore.
He hoped that the move will help achieving the target of revenue collection for 2018-19 fiscal.
They especially eye the highest amount of VAT collection from cigarette, petroleum gas and mobile-phone sectors.
A senior official of the unit said the LTU is optimistic about being able to surpass the target through resolving cases and realising dues revenue lying with Petrobangla.
The unit will focus on capacity building of LTU officials and optimum use of ICT, intensify Alternative Dispute Resolution (ADR), pay sudden visit to business units holding revenue potential and a ensure taxpayer-friendly environment.
All mobile-phone operators in the country, including Grameenphone, Robi Axiata, Banglalink, Teletalk and Pacific Bangladesh Telecom Limited, pay VAT under the unit.
Dutch-Bangla, Islami Bank, Pubali Bank, Sonali Bank, Uttara Bank, AB Bank, HSBC Bangladesh Limited, South East Bank, Prime Bank, Premier Bank, National Bank Limited, Agrani, Janata, Brac Bank, Bank Asia, Dhaka Bank, Standard Bank pay VAT under the unit.
The LTU contributes 56 per cent of the aggregate VAT collection by the revenue board.
Meanwhile, the deferment of enforcement of a new VAT law that ratifies a uniform rate of 15 per cent VAT amid protests is anticipated to have a major impact on collection of the tax and, thus, on overall revenue mobilisation this fiscal year. And such strategic plans are designed partly to make up for the revenue shortfalls.
National Board of Revenue (NBR) has collected Taka 2836 crore in July this year under the Large Taxpayer Unit (LTU) of Value Added Tax (VAT) which was Taka 239 crore up from the target as the target was Taka 2597 crore.
