IMF lauds Bangladesh's progress as outstanding: Finance minister
The International Monetary Fund (IMF) praised Bangladesh's "outstanding achievement" during its visit to Dhaka in late October, said Finance Minister AHM Mustafa Kamal.
The IMF team said the progress and achievement of Bangladesh is extraordinary, the minister said while addressing the award giving ceremony of highest vat payers at Hotel Intercontinental in the capital Saturday (10 December).
The National Board of Revenue (NBR) organised the event marking the 12th National VAT Day-2022 and the Vat Week from 10 to 15 December.
Keep updated, follow The Business Standard's Google news channel
In the ceremony, the finance minister presented certificates and awards to the nine organisations that paid the highest VAT in the production, business and service sectors at the national level.
FBCCI President Jasim Uddin attended the event presided over by NBR Chairman Abu Hena Md Rahmatul Muneem.
"We started with a GDP size of $100 billion 14 years ago. Now the economy has quadrupled to $465 billion. Similarly, per capita income increased from $686 to $2,864," highlighted the finance minister.
Addressing taxpayers' role in the economy, he said, "The country came to this position because of the contribution taxpayers kept."
He said, "Our goal is to move from a middle income country to an upper middle income country by 2030 and a developed one in 2041. To achieve this goal, taxes must be paid."
Calling upon people to pay tax, the minister said, "If you don't pay taxes it is not possible to work for the backward people."
The minister also sought suggestions from businessmen in regard to digitising the VAT collection system.
In the fiscal 2021-2022, Tk3,01,633 crore of revenue has been collected, NBR member Zakia Sultana said.
Of the amount, about 65% to 67% of revenue is derived from indirect taxes (VAT and customs) with the VAT sector contributing the rest, the NBR official added.
The highest VAT payers from the production sector are: Olympic Industries Limited (Kanchpur, Narayanganj), IBN SINA Pharmaceutical Industry Ltd (Shafipur, Gazipur) and SMC Enterprise Limited (Banani, Dhaka).
In the business category, Walton Plaza (Chandna, Gazipur), Agora Ltd (formerly Rahimafrooz Superstores Ltd) (Mohakhali, Dhaka), and Unimart Ltd (Gulshan, Dhaka) have become the top VAT-payers for the year.
bKash Limited (Jahangir Gate, Dhaka Cantonment), International Finance Investment and Commerce Bank Limited (Purana Paltan, Dhaka), and Nagad Ltd (formerly Third Wave Technologies Ltd) (Banani, Dhaka) will get the award in the service category.
