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Finance minister AHM Mustafa Kamal on Saturday said that automation of the value-added tax system was the key to removing barriers to tax collection to achieve a sustainable growth of the country.
He made the statement as chief guest at a programme organised by the National Board of Revenue marking National VAT Day and VAT Week 2022 at the Intercontinental Hotel in the capital Dhaka on the day.
On the occasion, the NBR also rewarded top nine VAT-payers at the national level and 120 entities across the country for their contribution for the financial year 2020-21.
‘Despite the global economic crisis, our national economy is growing significantly, which is also appreciated by the global partners like the International Monetary Fund,’ Mustafa Kamal said.
Over the past 14 years, the revenue collection has achieved a significant growth, he said.
He said that implementation of the Value-added Tax and Supplementary Duty Act 2012 in 2019 for promoting the automated tax system had played a significant role in revenue earnings growth.
The government is working to strengthen the capacity of the VAT administration by improving connectivity among stakeholders to achieve the development growth of the country within 2040, he said.
Federation of Bangladesh Chambers of Commerce and Industry president Md Jashim Uddin was special guest at the event.
He congratulated the highest VAT-payer award winners for their contribution despite the ongoing economic crisis.
NBR’s automation projects, including customs automation, bond automation and VAT automation as such installation of electronic fiscal devices have played a remarkable contribution to facilitating the businesses and boosting the revenue collection, he said.
He suggested establishing VAT offices at the upazila level to promote VAT compliance practices and urged the government to properly investigate the complaints of hassles businesses faced to strengthen the cooperation between businesses and revenue officials.
Tax policy support for green industry, recycle industry and backward linkage industry should continue to ensure the sustainable growth of the country, he said.
Source tax adjustment facilities should also be made easier for the businesses, he said.
NBR chairman Abu Hena Md Rahmatul Muneem presided over the event.
He said, ‘The NBR has achieved a remarkable revenue collection growth for the past two financial years.’
For ensuring the value-added production and promoting Made in Bangladesh title, the revenue board has offered tax policy support for a number of sectors, he said.
‘To fulfil the requirements for the developing country status, we have to cut the existing tax facilities in the coming days,’ he said.
Automation, policy support like reducing tax rate, widening tax net and skill development of the revenue officials are the key objectives of the revenue board to boost the revenue collection in the coming days, he said.
NBR VAT audit member MD Sahidul Islam and VAT policy member Zakia Sultana also spoke at the event.
(NA)
