Market Digest

Dhaka West VAT office fetches Tk 30bn revenue

5 July, 2021 12:00 AM printer

The Customs, Excise and VAT Commissionerate (Dhaka West) under the National Board of Revenue (NBR) fetched Taka 3,000 crore as revenue from VAT in the last fiscal year (2020-2021) having a 7 percent growth.

 The revenue collection from this VAT Commissionerate totaled Taka 2,822 crore in the previous fiscal year (FY20), reports BSS.

 The concerned authorities said that apart from checking tax evasion, the Dhaka West Commissionerate witnessed higher growth in revenue collection despite the pandemic as revenue generation increases to a significant rate in the productive sector.

 Talking to BSS, Commissioner of Customs, Excise and VAT (Dhaka West), Syed Mushfiqur Rahman, said that the international trade fair did not take place this time due to the pandemic.  Side by side, he said the Bangabandhu International Conference Center remained closed, the implementation rate of development projects also remained a bit low  for which there was less realization of tax at source in the last fiscal year.

 “But, the VAT collection increases despite the pandemic since revenue collection increases in the productive sector as well as efforts were made to check VAT evasion,” he added.

 Mushfiqur said there is ample scope for increasing revenue collection in the productive sectors of industrial zones like Savar and Ashulia. “We’re able to utilize that opportunity this time.”

 He said they remained vigil round the year to check VAT evasion. “We’ve tried to check VAT evasion by strictly reviewing the audit reports submitted by the business firms to banks. For this the revenue collection from the productive sector in the last fiscal year witnessed a 25 percent growth.”

 Mushfiqur said revenue generation from tax at source under this Commissionerate witnessed a 10 percent fall in the last fiscal year. He said the majority portion of revenue like tax at source used to come from the development projects, but the number of such projects were less under the jurisdiction of this Commissionerate last year.

 The Commissioner also hoped that it would be possible to attain the revenue collection target in this year if the revenues from tax at source is collected at a desired level. The revenue collection target from Dhaka West Commissionerate was Taka 3,300 crore last year.