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‘No VAT on remittance’

NBR bins rumour on social media


FE Report | June 14, 2018 00:00:00


The National Board of Revenue (NBR) on Wednesday dismissed a rumour that Value Added Tax (VAT) has been imposed on remittance in the proposed budget for the upcoming fiscal year (FY), 2018-19.

In a statement, the NBR said the rumour, spread by a section of unscrupulous people through the social media, is totally false and fabricated.

The revenue authority came out with the statement to remove confusion and resentment developed among the overseas workers and the members of their families back home.

The NBR smelt conspiracy behind the rumour and said this could be designed to encourage the Bangladesh workers to remit their money back home through illegal 'hundi' system instead of formal channels.

Tax officials suspected that people, involved in 'hundi' business, were spreading such rumours to take undue advantage.

Officials said such a rumour is aimed at discouraging the overseas workers to send money back home through formal channels ahead of the Eid-ul-Fitr.

Earlier, the fake news became viral on the facebook and other social media. A number of overseas workers, especially from the gulf countries, started making queries about the issue since Tuesday night.

The NBR statement clarified that VAT is levied only on supply of goods and services.

"Hard-earned money sent by the expatriate workers is considered as 'service export' as per the VAT Law 1991, Section 3, Subsection 2(Ka)."

This export activity is out of the purview of VAT. There is no VAT on remittance irrespective of its amount or ceiling, it added.

"The expatriates can send any amount of foreign currency or remit funds through legal banking channel."

Remittance or foreign currency inflow will not be able to contribute to the national economy, if it is sent through illegal channels or 'hundi', the statement noted.

The board requested all relevant quarters not to send foreign currency or remittance through 'hundi'.

"The NBR is very much alert to check 'hundi' or money laundering," the press statement added.

doulot_akter@yahoo.com


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COMPANY YCP HIGH LOW CLOSE %CHG
JANATAINS 13.0 14.3 14.3 14.3 10%
PRAGATILIF 107.0 117.7 112.0 117.7 10%
SAIHAMTEX 35.3 38.8 35.3 38.8 9.915%
DELTALIFE 100.9 110.9 101.4 110.9 9.9108%
NHFIL 64.9 71.3 65.9 71.3 9.8613%
NURANI 16.5 18.1 16.7 18.1 9.697%
SAFKOSPINN 19.7 21.6 20.6 21.6 9.6447%
PRIMELIFE 49.6 54.5 51.7 54.3 9.4758%
LRGLOBMF1 7.0 7.6 7.6 7.6 8.5714%
SAIHAMCOT 15.2 16.6 15.3 16.4 7.8947%
COMPANY YCP HIGH LOW CLOSE %CHG
SAIHAMTEX 38.8 38.8 35.3 35.3 9.915%
DELTALIFE 110.9 110.9 101.4 101.4 9.3688%
NHFIL 71.1 71.3 65.9 65.9 7.8907%
SAIHAMCOT 16.5 16.6 15.3 15.3 7.8431%
NURANI 18.1 18.1 16.7 16.8 7.7381%
ICBAMCL2ND 6.9 6.9 6.5 6.5 6.1538%
MBL1STMF 7.6 7.6 7.2 7.2 5.5556%
ANLIMAYARN 32.3 32.6 30.7 30.7 5.2117%
FORTUNE 38.4 38.4 36.5 36.5 5.2055%
PRAGATILIF 117.7 117.7 112.0 112.0 5.0893%
COMPANY YCP HIGH LOW CLOSE %CHG
MLDYEING 22.6 22.5 20.6 20.8 -7.9646%
METROSPIN 9.3 9.5 8.6 8.6 -7.5269%
SALVOCHEM 25.3 25.9 23.4 23.6 -6.7194%
MEGHNAPET 14.0 14.2 12.8 13.1 -6.4286%
SAVAREFR 87.5 90.0 81.3 82.3 -5.9429%
SHYAMPSUG 22.3 22.0 21.0 21.1 -5.3812%
AMBEEPHA 627.0 630.0 590.1 596.0 -4.9442%
ACTIVEFINE 46.1 46.4 43.5 43.9 -4.7722%
ALLTEX 8.7 8.9 8.2 8.3 -4.5977%
FAMILYTEX 6.6 7.2 6.2 6.3 -4.5455%
COMPANY YCP HIGH LOW CLOSE %CHG
FAMILYTEX 6.4 7.2 6.2 7.2 -11.1111%
MAKSONSPIN 9.1 10.2 8.9 10.2 -10.7843%
BXSYNTH 6.9 7.7 6.9 7.7 -10.3896%
UNITEDAIR 3.6 4.0 3.5 4.0 -10%
SALVOCHEM 23.4 25.9 23.4 25.9 -9.6525%
GLOBALINS 17.1 19.1 16.8 18.9 -9.5238%
METROSPIN 8.6 9.5 8.6 9.5 -9.4737%
INTECH 68.0 74.5 63.7 74.5 -8.7248%
CNATEX 5.0 5.5 4.9 5.4 -7.4074%
MLDYEING 20.9 22.5 20.6 22.5 -7.1111%