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The National Board of Revenue (NBR) has attained a healthy growth of 26 percent in providing VAT registrations over the last six months.
The current Chairman of the NBR has taken various exceptional initiatives to include new VAT payers in the VAT net as well as widening it as per the Value Added Tax (VAT) and Supplementary Duty Act.
According to NBR, the number of VAT registrations in August 2024 was 4,228 which were 5,644 in August 2023 having a negative growth of 25 percent due to the impact of July-August, said an NBR press release in Dhaka on Tuesday.
Afterwards, the new NBR administration took a number of proactive steps to identify the new VAT payers for which the number of VAT registration expedited over the next six months from August 2024 to January 2025.
In a bid to boost the VAT registration, the NBR has already reduced the ceiling for annual turnover of VAT from Taka three crore to Taka 50 lakh. Besides, turnover up to taka 30 lakh has remained VAT free.
The release said that all the commissioners at the field-level have been directed to discharge their duties with a service delivery mindset in order to provide new registrations and realize legal revenues.
Besides, the officials have also been asked to work in ‘out of the box’ way to increase new VAT payers. Apart from these, ‘Special Recognition’ will be provided to those successful officials who would contribute towards enhancing the number of registration through their efficiency, skills and creativity.
The NBR has already taken firm steps to widen the VAT net while it expects that the number of new registration would be enhanced further in the coming days.
In this regard, the NBR sought cooperation from all stakeholders, businessmen, electronic and print media representatives.