ZCZC
BSS-29
NBR-PRE BUDGET-MEETINGS
None can run business without VAT registration; NBR Chairman
DHAKA, April 10, 2019 (BSS) – The National Board of Revenue (NBR) Chairman, Md Mosharraf Hussain Bhuiyan, today said none would be able to run any business from the fiscal year 2019-20 without VAT registration or possessing Electronic Business Identification Number (E-BIN).
The NBR Chairman said this while chairing a pre-budget meeting held at the conference room of the NBR building held in the city’s Segunbagicha area.
Mosharraf held pre-budget meetings were today with the leaders of Bangladesh Paper Mills Association, Restaurant Owners’ Association, Hygiene Products Manufacturing Association, Courier Service Association of Bangladesh, and Money Changer Association.
He said after being registered, sector-wise VAT rate would be fixed for the business houses while the VAT rate would be 15 percent for those who would get rebate. “The VAT rate for others would be at a tolerable level,” he added.
Responding to the budget proposals of the Secretary General of the Restaurant Owners’ Association Rezaul Karim, the NBR Chairman said realization of VAT would be made mandatory for all the restaurants expect the smaller ones.
“But, the VAT rate would remain at 15 percent for all the international standard restaurants. Besides, the VAT rate for the local mid-level restaurants would be fixed at a rational level. The NBR will also form a committee for classifying the restaurants,” he added.
About the tax structure in the upcoming national budget for FY20, Mosharraf said efforts are there to make balanced income tax adding, import duty is being restructured giving priority on industrialization.
He said that the timeframe of the stimulus and the related facilities would be specified for safeguarding the local industries since a fair competition would not be ensured in the market if stimulus offers continue for a longer period.
Bangladesh Papers Mills Association Vice President Mohammad Yunus proposed for reducing the VAT rate on local paper alongside lifting the tariff value.
He said although paper produced from some 105 local paper mills is being exported abroad, but those paper mills do not enjoy any facility in case of importing raw materials.
In response, the NBR chairman said, “We’ve curbed the misuse of bond with iron hand. There are many businessmen who are selling paper, imported under bond facilities, at open market and we’re working to stop that trend,”
He also opined that materials from many courier services do not reach directly to the addresses of the recipients, rather they had to contact with the local office. “It’s very urgent to have a change to this situation,” he added.
BSS/ASG/Trans/RI/GM/KU/1826 HRS