Businesses collect VAT but often don’t deposit it to state treasury: NBR chairman
Everyone must adopt a culture of adhering to the law, he says
There are instances where businesses do not deposit the VAT they collected from consumers, National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan said today (20 February).
Speaking at a pre-budget consultation meeting at Khulna deputy commissioner's office, the NBR chairman said revenue collection is considerably low in comparison to the country's GDP size.
He emphasised the importance of revenue collection for overall national development, including infrastructure growth.
Keep updated, follow The Business Standard's Google news channel
"Everyone must adopt a culture of adhering to the law. Citizens must submit proof of income tax payments to avail services from various government offices," said Abdur Rahman Khan.
He said, "The relevant offices must verify the tax payment documents before providing services. Every decision made should consider whether it benefits the state,"
He added that in the past two to three months, tax exemptions have been provided on eight to ten essential items to keep commodity prices affordable.
The duties on rice, edible oil, sugar, and dates have been significantly reduced considering the public needs, he said.
The consultation meeting was chaired by Divisional Commissioner Md Firoz Sarkar, with the participation of District Commissioner Mohammad Saiful Islam, Chairman of the Khulna Development Authority Brigadier General Mohammad Jahangir Hossain, Additional DIG of Bangladesh Police Khulna Range Md Belayet Hossain, NBR Members (Income Tax Policy) AKM Badiul Alam and (VAT Policy) Dr Md Abdur Rouf, and other government officials.
The meeting was held at the Khulna district commissioner's conference room.
