The National Board of Revenue yesterday launched online VAT return submission on a trial basis for large taxpayers, a move that is likely to reduce hassles businesses face when visiting tax offices to complete the formality.
The facility will be opened for all businesses from August 14, said Syed Mushfequr Rahman, project director of the Tk 690 crore-project.
NBR Chairman Md Mosharraf Hossain Bhuiyan inaugurated the online VAT return submissions at an event held at the Institution of Diploma Engineers, Bangladesh (IDEB) in Dhaka. Four large taxpayers including Bank Asia, Banglalink and Orion Infusions submitted VAT returns online.
The NBR move comes just as it is gearing up to implement the VAT law 2012 -- that calls for an automated environment. Later in the day, Bhuiyan at a pre-budget discussion suggested exporters play the role of gatekeepers to prevent the leakage of goods imported duty-free under the bonded warehouse privilege.
At the meeting held at the NBR headquarters, apparel makers sought VAT waiver for export-oriented sectors and continuation of the existing 0.25 percent source tax on export proceeds into the next fiscal year.
“We want the VAT on local purchase to be waived for the sake of export growth,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), after placing the proposals on behalf of exporters. The NBR organised the meet to hear views and concerns of businesses and other stakeholders in the run-up to framing the tax measures for fiscal 2019-20.
Representatives of Bangladesh Textile Mills Association (BTMA), plastic goods manufacturers and exporters and jute millers were also present at the pre-budget meeting, which the revenue collector holds every year. Exporters of other sectors sought corporate income tax at a reduced rate in line with the rate applicable for the garment sector.