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National Board Of Revenue

Govt panel proposes multiple VAT rates

Govt panel proposes multiple VAT rates

A government review panel has suggested the revenue authority impose multiple VAT rates, instead of the universal 15 percent in all areas, to help flourish micro and small businesses and protect consumers. “Multiple rates of VAT are present in many countries, including France, which is the pioneer in introducing value added tax,” said Md Jashim Uddin, co-chairperson of the committee and a businessman. Besides, a 15 percent VAT will lead to spiral in prices of various goods and services and affect consumers, he added. Businesses said, due to the 15 percent...

NBR sets up data forensic lab to catch tax dodgers

NBR sets up data forensic lab to catch tax dodgers

The National Board of Revenue has set up a state-of-the-art forensic lab to mine all data including hidden accounts and records from taxpayers' computers to detect tax and financial frauds. The move comes in response to the rising trend among businesses to switch to electronic record-keeping from paper-based accounting systems. So far, many large corporations, including some multinationals and mobile phone operators, have made the switch, handing in soft copies of their transaction records to tax offices. While convenient and environmentally-friendly, digital record-keeping has created scope to hide actual accounts and other transaction records from taxmen and financial fraud investigators. Furthermore, due to the option of password protection, tax investigators also face trouble...

Drug prices to rise as NBR taxes total commission

The prices of certain drugs may rise in the new year after the National Board of Revenue imposed value-added tax on the entire commission pharmaceutical companies pay to retailers. The retailers and distributors get 16 percent commission on average, but the universal 15 percent VAT is calculated on 13.33 percent of commission. From January 1, the entire commission amount -- 16 percent -- must be taken into account for VAT calculations. The new system will allow the revenue authority to get an...

NBR's intelligence efforts pay off

The central intelligence cell (CIC) of the National Board of Revenue has detected tax evasion of Tk 1,581 crore by individuals and firms in nine years to fiscal 2013-14. The intelligence unit, which was formed in January 2004, has so far collected Tk 725 crore from these tax dodgers, according to a report by the CIC. The amount detected is insignificant given the culture of rampant tax dodging in the country, said Ahsan H Mansur, executive director of Policy Research Institute...

NBR to check its chief's account info

NBR to check its chief's account info

In an extraordinary move, the Central Intelligence Cell of the National Board of Revenue yesterday sought details of all bank accounts held by its incumbent chairman, Md Ghulam Hussain. The CIC gave banks seven days to furnish information on Hussain's current, savings and foreign currency accounts, credit cards, savings certificates and any other investment instruments and schemes. The NBR intelligence wing also sought detailed account information of Hussain's wife, Zakia Mansoor Hussain, who, according to the NBR website, teaches economics at a college. “I myself have given the approval to CIC to go ahead with the investigation for the sake of transparency,” Hussain told The Daily Star last night over telephone. On paper,...

NBR’s intelligence cell seeks bank account details of chairman

NBR’s intelligence cell seeks bank account details of chairman

In an unusual move, the Central Intelligence Cell of the National Board of Revenue today sought details on all bank accounts held by Md Ghulam Hussain, the incumbent chairman of the tax authority. The CIC gave banks seven days to furnish information on Hussain’s current, savings and foreign currency accounts, credit cards, savings certificates and any other investment instruments and schemes. The letter was signed by Md Nurul Amin, joint director of the CIC. The intelligence wing also sought information on bank accounts of Hussain's wife, Zakia Mansoor Hussain, who, according to the NBR chairman's profile posted on the tax authority’s website, teaches economics at a college.  

Tax returns deadline extended till Nov 30

Tax returns deadline extended till Nov 30

The National Board of Revenue (NBR) has extended the deadline for submitting income tax returns until November 30 this year. The decision was taken following written requests submitted by several businesses’ and professional bodies, said Syed MA Momen, public relations office of the NBR, today. According to him, many people could not file their tax...

Govt set to extend tax return deadline to Nov 30

Govt set to extend tax return deadline to Nov 30

The government is going to extend the deadline for submitting income tax return to November 30.   Earlier, the timeline was extended once which expires tomorrow. The finance ministry officials said the finance minister already on Thursday approved the proposal of the National Board of Revenue (NBR) for time extension. The NBR is likely to make...

Money launderers to be revealed: Muhith

The National Board of Revenue is set to prepare a list of individuals who have been laundering money abroad, Finance Minister AMA Muhith said yesterday. He, however, refused to give further details. “It's a sensitive issue -- such activities are done in confidence. As a result, nothing further may be given about this,” Muhith told reporters when asked if the government would take similar steps against money launderers as India did. The new Indian government led by Narendra Modi on Monday published...

Tax receipts rise 16pc

Revenue collection rose 16 percent year-on-year to Tk 28,220 crore during July-September of the current fiscal year, thanks to a boost in receipts in September, according to preliminary data. "The improvement indicates that the economy is coming out of a depressed mood," said Md Bashir Uddin Ahmed, a member of income tax at the National Board of Revenue. Ahmed said excess liquidity in the banking sector is coming down. A number of banks posted profit in the first quarter, he said. Last...

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