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The National Board of Revenue (NBR) has decided to review the turnover of some selective sectors that are in full-fledged business during coronavirus lockdown.
The sectors include tobacco, pharmaceuticals and superstores that pay value-added tax (VAT) Tk 0.1 million and above.
Officials said those sectors might see hefty businesses amid lockdown while the activities of all other sectors remain sluggish.
Sales of pharmaceutical products like hand sanitiser, mask, glove and medicine, have increased phenomenally due to the spread of coronavirus disease, COVID-19.
To avoid kitchen market, many consumers are thronging chain superstores for purchasing essential commodities.
Following this trend, VAT wing on Saturday wrote to its countrywide field offices to make a projection of payable VAT from the businesses that remain open during the ongoing lockdown.
Accordingly, the zonal offices will send data about VAT collection in March from the sector.
A letter, signed by NBR member (VAT implementation and IT) Jamal Hossain, was sent to project the volume of revenue that may come from some selective sectors.
The revenue board has sought details, including names of businesses, names of goods and the amount of revenue that VAT zones received in March from the sectors.
Tobacco industry is the single-largest source of VAT and supplementary duty in Bangladesh, with Tk 300 billion paid last year.
VAT rate is 15 per cent on the production of pharmaceutical products while there is another 2.4 per cent VAT on sales of the products.
The rate of VAT on sales at superstores is 5.0 per cent.
Officials said suspension of most of the economic activities for this novel virus have raised concern over a sharp fall in revenue collection this fiscal.
Until February, the NBR faced a shortfall of Tk 450 billion in tax revenue collection against its target.
According to a prediction of the Centre for Policy Dialogue, the NBR may face a shortfall to the tune of Tk 1.0 trillion in revenue collection this fiscal.
(FE)
