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Top VAT payers get awards

Tax administrator observes VAT Day across the country

Star Business Report
The National Board of Revenue (NBR) yesterday awarded a total of 134 top VAT paying firms to encourage industrialists and businesses to deposit more value-added tax to the state coffers.
Nine firms got recognition nationally, while 125 firms and businesses were awarded at district levels for fiscal year2010-11.
Finance Minister AMA Muhith handed the awards to the national-level recipients along with the 27 from the greater Dhaka region, at a ceremony at Bangabandhu International Conference Centre.
The district-level recipients took their awards from seven VAT commissionerates outside Dhaka.
The NBR organised the programme to mark the VAT Day and the launch of VAT Week (July 10-July 16) in big cities and towns to raise awareness among people of the need forVAT payment.
Prime Minister's Adviser on Economic Affairs Mashiur Rahman, President of the Federation of Bangladesh Chambers of Commerce and Industry AK Azad, NBR Member
(VAT policy) Md Farid Uddin spoke among others.
NBR Member Jahan Ara Siddique chaired the session.
This is the second year the NBR observed the VAT Day to boost revenue collection.
Currently VAT, also termed as consumption tax, is the biggest source of revenue. It accounted for 37 percent of the total revenue collection in the just concluded fiscal year, 2011-12.
Of the total revenue target at Tk 112,259 crore for the
current fiscal year, NBR aims to collect 21 percent higher tax to Tk 40,466 crore from Tk 34,304 crore a year ago.
Muhith said rising consumption contributes to the hike in collection of VAT, which is charged in every stage of value addition.
He said, in the past customs duty played a key role in the total revenue collection.
However, revenue earning from customs will reduce because of the liberalisation of trade under the current global trading regime, he said.
"We will have to collect more taxes from other sources to carry out public works, and invest in education and healthcare," he said.
The minister said the government’s capacity to carry out all these tasks is still very low. But with the revenue collection increasing, the tax-GDP (gross domestic product) ratio will rise to 20 percent soon, he said.
"We want a warm relation between the tax collectors and taxpayers," said Muhith.
He said a draft VAT law has been placed in parliament for passage to replace the existing one introduced in 1991.
TopVAT payers get awards
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But he said he would suggest that the parliamentary standing committee on the finance ministry discuss the draft with stakeholders, mainly the businesses.
Earlier FBGCI President AK Azad in his speech urged the government to discuss the draft VAT law with businessmen before finalising it.
PM's Adviser Mashiur Rahman said the government in the draft law has tried to solve various problems firms are facing in the current VAT system.
NBR Member Md Farid Uddin said the government is not getting the expected amount of VAT although there is scope for a further boost in VAT collection given the size of the economy.
He said 60-65 percent of the total VAT comes from a handful of sectors such as tobacco and cigarettes, mobile phones and natural gas.
The remaining amount is collected from hundreds of other sectors such as manufacturing, wholesale and retail trade, he said, adding that the