NBR intensifies move to collect outstanding VAT | 2018-09-02 | daily-sun.com

NBR intensifies move to collect outstanding VAT

    2 September, 2018 12:00 AM printer

National Board of Revenue has intensified its move to collect the outstanding Value Added Tax (VAT) under the Large Taxpayer Unit (LTU) aimed at achieving the revenue collection target for 2018-19 fiscal.

“As part of the move, NBR has sent letters to the large taxpayers for paying their due within a short time. NBR has also taken necessary steps to settle the pending cases quickly,” VAT LTU Commissioner Muhammad Mubinul Kabir told the news agency on Saturday, reports BSS.

He said NBR will also take legal action against the taxpayers, if they fail to pay the outstanding VAT within a short time.

“More than Taka 15,000 crore VAT is outstanding under the LTU. Many business entities collect VAT from their customers, but does not deposit in the government treasury,” he added.

He hoped that the move will help achieving the target of revenue collection for 2018-19 fiscal.

In 2018-19 fiscal, the government has set up a target to collect Taka 1,10,000 crore as VAT. Out of the total target, NBR will collect Taka 60,617 crore VAT under the LTU.