The National Board of Revenue (NBR) under the Commissionerate of Customs, Excise and VAT (Dhaka West) has collected Value Added Tax (VAT) of Tk 3,000 crore in the late 2020-21 financial year. In the previous financial year, the revenue income was Tk 2,622 crore. In the outgoing financial year, the revenue of this commissionerate has increased by 7 percent.
The VAT authorities believe that the VAT West Commissionerate has been able to achieve revenue growth even in the Covid supermarket, as it has reduced tax evasion and significantly increased revenue in the productive sector.
In this regard, the Commissioner of Customs, Excise and VAT (Dhaka West) Syed Mushfiqur Rahman told BSS, The Bangabandhu International Conference Center was closed, and the rate of implementation of the government’s development projects was low, so I received less withholding tax in the outgoing fiscal year. However, the increase in revenue in the productive sector and the reduction in VAT evasion have led to an increase in VAT collection in the Covid situation.
He added that as Savar and Ashulia are industrial zones, there is an opportunity to increase revenue in the productive sector. That opportunity has been used a lot this time.
Mushfiqur Rahman said, “We were vigilant throughout the year to reduce VAT evasion. We have tried to reduce the VAT evasion from the audit report submitted by the business to the bank. Due to this, the revenue in the productive sector has increased by 25 percent in the outgoing fiscal year.
He added that a large portion of the tax at the source of VAT Western Commissionerate comes from various government projects. That was very little under this commissionerate this time. That is why the source tax revenue has decreased by 10 percent in the outgoing fiscal year.
He claimed that if the tax was levied at source as per the target, the target set by the VAT West Commissionerate Revenue would have been easily achieved. In the outgoing fiscal year 2020-21, the revenue target of this commissionerate was Tk. 3,300 crore.