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VAT system a realistic step: NBR
The National Board of Revenue Friday night said that the newly introduced VAT system was a realistic and inevitable step taken by the present democratic govern ment towards building a self-reliant economy, reports BSS.
The Board said in a press release that reform of the tax system was essential for accel e rati ng the development of the country and that was why the VAT system was Introduced.
The NBR said the misunderstanding about the VAT system had now been considerably removed and most of the manufacturers and Importers had already registered themselves under the new system and were paying the VAT as per the rules. The NBR also made it clear in the press release that the VAT was not imposed on primary agricultural products and essential items like rice, eses flour potato and clothes.
Mirtabie items were also exempted from the VAT. it said.
Dispelling the misconception of certain quarters, the NBR said that the VAT was imposed at the same rale on produces manufactured out of Indigenous or imported raw materials. The Board mentioned that duties were imposed on imported raw materials to protect the Interest of the country's raw materials producers.
However credit facilities will not be applicable for those industrial units which will buy raw materials and intermediary goods from the industries or cottage industries exempted from the VAT. it said.
Though the VAT system was scheduled to be introduced from January 1, 1991. as per the budget for 1990-91, the NBR said it was made effective from July 1. 1991 for giving more tune to the tax payers
Besides, the issue was discussed with various chambers and manufacturers' associations for. the last 18 months for policy formulation and function of the new tax system, it added.
Necessary booklets and forms were sent to them before July 1.1991 and most of them were apprised of the issue realistically, the Board said emphasising that it was not correct that the issue was not made known to the tax payers beforehand.
It also said the VAT system was introduced in Bangladesh at the minimum level in comparison to other countries of the world.
It further said that the VAT system had faced uncertainty at the Initial stage of its introduction in various countries of the work! but the situation had calmed down gradually.
It is expected that the situation in Bangladesh will also be normal very soon, the NBR said in the press release.
The NBR had already informed the people that the effect of the VAT on most of the commodities would be lesser than the previous Sales Tax and Excise Duty, the press release said, adding, in some areas the VAT will be higher than these taxes.
Some new industries and services had to be brought under the VAT system with a view to mobilising internal resources. the press release said. Excise Duty has to be Imposed on many such industries and services for Increasing mobilisation of internal resources even if VAT has not been introduced. it added.
This expansion of the tax base should be accepted tn totality because the VAT system provides for credit facilities so that the overall tax realisation does not decline, it also said.
According to the First Schedule of the National Board of Revenue, the press release said, unprocessed primary goods were exempted and afterwards the government had also exempted some more goods from the purview of the new tax system.