Ctg VAT zone attains 38.71% growth, collection exceeds by Tk1,168cr
“The rise in fuel prices and realising unpaid VAT from large industrial enterprises helped to boost collection,” the VAT commissioner says
The Chattogram Customs, Excise, and VAT Commissionerate has exceeded its VAT collection target by Tk1,168 crore in the fiscal year 2022-23 thanks to realising unpaid VAT and instilling a positive attitude towards VAT payment among businesses.
It collected Tk15,131 crore Value Added Tax (VAT) against the target of Tk13,963 crore for the fiscal year.
Chattogram VAT zones also achieved 38.71% growth or an increase of Tk4,222 crore year-on-year as the VAT Commissionerate had collected Tk10,909 crore in the 2021-22 fiscal year.
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VAT Commissionerate officers said they were able to exceed the VAT collection target by increasing surveillance, collecting unpaid VAT, and instilling a positive attitude towards VAT payment among businesses.
Chattogram VAT zone has eight divisions – Agrabad, Chandgaon, Patiya, Cox's Bazar, Khagrachari, Chattola, Bandarban, Rangamati, and Teknaf Land Customs Station.
Syed Musfiqur Rahman, commissioner at Customs Excise, and VAT Commissionerate Chittagong, said "The rise in fuel prices and the collection of unpaid VAT from large industrial enterprises in Chattogram have helped to boost VAT collection."
Besides, VAT officials have also worked to reduce VAT evasion. As a result, more VAT has been collected than the target, even during the global trade slowdown, he added.
"VAT collection increased due to an increase in EFD (electronic fiscal device) activity, online submission of VAT returns, and the number of VAT registered institutions," said the VAT Commissioner, expressing hopes that the trend would continue in the next fiscal year.
According to the VAT Commissionerate, In the fiscal year 2021-22, the Commissionerate collected only Tk10,909 crore VAT against the target of Tk13,030 crore. In the fiscal year 2020-21, it collected Tk9,940 crore VAT against the target of Tk11,198 crore. That means the Commissionerate collected Tk2,121 crore less than the target in FY22, and Tk1,758 crore less in FY21.
The VAT collection was Tk8,866 crore in the 2019-20 fiscal year while Tk10,382 crore in 2018-19, Tk8,533 crore in 2017-18, and Tk7,089 crore in 2016-17, it added.
