NBR formulating strategy considering pandemic to achieve target

The National Board of Revenue (NBR) on Sunday asked its field offices to formulate a strategy keeping the present condition in mind and expedite the collection of Value Added Tax (VAT) and thus achieve the revised revenue collection target.

"We’re all aware about the recent situation and it may prevail or may improve. Whatever the situation is, we’ve to move forward formulating necessary strategies to achieve the target," NBR member (VAT Implementation and IT) M Jamal Hossain asked its field offices in a letter, reports UNB.

The NBR member put emphasis on establishing intensive communication with big companies.

He also said officials will have to depend on items like cigarettes, mobile phone sets, banks, bkash, internet and medicines which pay higher revenue to the national exchequer.

"Besides, special attention needs to be given to collecting advance VAT and outstanding revenue," the NBR member said in the letter.

He said only one month and 19 days are left for the current 2019-20 fiscal year to be over. The revised VAT collection target is Tk 1.07 trillion and the collection of VAT was Tk 677.70 billion as of April 2020.

To collect the same amount of VAT as last year, which was Tk 871.76 billion, the NBR needs to collect some 194.16 billion within the stipulated time, said Jamal Hossain.

"To achieve the revised target for VAT, the NBR needs to collect Tk 408.40 billion within the remaining May and June," he said.

In another letter, Jamal said a decision has been taken to reopen the VAT circle offices across the country on Friday (May 15) with a break for Jum’a prayers for the convenience of VAT payers to submit their VAT returns.

He said May 15 is the last date for the submission of VAT returns for April as per the existing VAT Law. Although it is the government holiday, the VAT circle offices across the country will remain open till 4pm (or beyond, if needed).

"The officials will take all necessary precautionary and safety measures for protecting themselves from coronavirus while discharging their duties, the commissioners will monitor the matters," the letter adds.