ZCZC
BSS-37
MOSHARRAF-NBR-REVENUE
NBR Chairman hopes for 20pc revenue growth
DHAKA, Dec 8, 2019 (BSS) – National Board of Revenue (NBR) Chairman Md.
Mosharraf Hossain Bhuiyan today hoped that the country would register revenue
growth of nearly 20 percent at the end of the current fiscal year 2019-20
overcoming the sluggish tendency.
“Although revenue income generation at export-import duty and VAT
collection was downward in August and September, but the growth took a U-turn
in July-October period and recorded nearly 4 percent high,” he said at a
press conference organized to mark the VAT Day and VAT Week at NBR
headquarters.
“At the end of the fiscal, this growth would reach to nearly 20 percent
overcoming all difficulties,” expressed NBR Chairman.
In July-October period, NBR collected Taka 65,096 crore from income tax,
export-import duty and VAT collection which was Taka 62,000 crore in the same
period of the last fiscal. In addition, growth at income tax and VAT
collection was 11.46 percent and 8.66 percent respectively in the period.
Regarding the sluggish pace of revenue income, Mosharraf Hossain said, “We
have enacted new VAT act which is totally online-based and that is why return
submission, registration, tax payment and others activities are being done
online, but the business entities are yet to switch fully to online that
slowed the VAT collection till September.”
He said, “We are yet to get the VAT collection calculation of November, but
expecting that it would be much higher.”
The NBR Chairman said revenue income from tobacco products and cigarette
has come down, and tobacco companies claimed that sale of their products
declined due to price hike. “We also want the use of tobacco products to
reduce.”
Besides, cent percent VAT rebate has been given to gas, power and other
utility bills which also pulled the income from VAT collection downward, he
added.
Mentioning that the new VAT act makes VAT mandatory on annual turnover of
over Taka 50 lakh, the chairman said, “The businessmen of this segment are
yet to start paying VAT and we have started discussion with them
(businessmen).”
Mosharraf Hossain Bhuiyan said NBR would start distributing Electronic
Fiscal Device (EFD) to businessmen in this December. “Around 50 percent
organizations would get EFD in this fiscal,” he added.
BSS/ASG/RI/MAK/ARS/1930 hrs