Muhith for bringing five lakh establishments under VAT net by 2021

Finance Minister AMA Muhith today announced to bring 5,00,000 establishments under VAT registration network by 2021, saying that only 50,000 establishments now have Value Added Tax (VAT) registration.

"There are 80 lakh eligible establishments in the country but only 50,000 of them have VAT registration. It is a matter of shame for us, we want to come out from it," he told at a seminar organized in observance of VAT DAY-2016.

National Board of Revenue arranged the seminar on "The role of VAT in implementation of vision 2021 and 2041" at its Agargaon office here.

NBR chairman Md Nojibur Rahman chaired the seminar while commerce minister Tofail Ahmed, state minister for finance and planning MA Mannan, FBCCI's first vice-president Shafiul Islam Mohiuddin and VAT member of NBR Rezaul Hasan, among others, spoke.

NBR also honoured a total of 33 highest VAT payers at national and district levels at the programme.

Muhith urged the VAT officials to work hard to bring all eligible establishments under VAT net. The finance minister said he earlier announced to increase the number of TIN holders to 25 lakh this year and the tax officials have fulfilled this target this year.

"I hope, you that VAT official will be able to fulfill the target," he added.

He also announced to supply Electronic Cash Register (ECR) to the 50,000 establishments having VAT registration at subsidized price.

Commerce minister Tofail Ahmed asked all quarters to take steps to find out a solution to package VAT acceptable to all.

NBR has asked all concerned to contact to phone number 16555 for getting solution about any VAT related problems.

Source: Bangladesh Sangbad Sangstha (BSS)