A total of 129 companies have been nominated for awarding as most valuable contributors of value-added tax to the national exchequer in 2020-21, the fiscal year when life and business were upended by global pandemic.
Officials say the National Board of Revenue (NBR) has picked nine of the recipients from national level and 120 from district level on the basis of their performances. And the Internal Resources Division (IRD) issued a gazette notification on the list.
The revenue board will hand over the top VAT-payer award on the National VAT Day 2022, to be marked on December 10.
At national level, production, business and service sectors will see three companies each receive the laurels.
Olympic Industries Limited, Ibne Sina and SMC Enterprise have been selected for the production-sector award. From business sector, Walton Plaza, Agora limited and Unimart Limited won the VAT award. biKash Limited, International Finance Investment and Commerce Bank Limited and Nagad Limited come up from services sector.
Best payers from district level are Edison Industries limited, Hamco Corporation, and Orion Infrastructure of Dhaka, Delta Pharma Limited, Mahbub Traders, and Laxmi Narayan Sweetmeat of Kishoreganj, Benli Electronics, SS Jonson Private Limited, and Green Chilies Restaurant of Gazipur, Alpha Auto Bricks Ltd, and Mahima Bajaj of Jamalpur, Meghna Inovo Rubber Co of Tangail, Fair Electronics Ltd, Kalachand Das, Heritage Resort Ltd, SKF
Pharmaceuticals Ltd, Fair Electronics Ltd, and Radiant Shipyard Ltd of Narayanganj, Ayub Ali and Brothers of Mymensingh, Super Formika and Lamination Ltd of Munshiganj, Rasel Bread and Confectionary and Alishan Restaurant of Sherpur, and Fulkoli of Sylhet.
Alamgir Motors and Chalantika Hotel of Magura, Biswas Motors of Meherpur, Panshahi Jarda Factory, Shuvo Enterprise, and Hotel Jabir Paradise of Jashore, Morshed Metal Industry and Save and Save of Khulna, Sabiha Chemical Works of Jhalokathi, Panja Biri Ltd of Patuakhali, Ujjal Chemical Works of Barguna, MEP Printing and Packaging Industry, New Park Bangla and Nadia Furniture Ltd of Barishal, Dubai-Bangladesh Cement Mills Ltd of Bagerhat, Chan Biri Factory and Sigma Traders and Hotel Sarbik International of Madaripur, Bajaj Village of Shariatpur, Bajaj Sales Point and Jaihon Dairy Shop of Satkhira, SRN Electronics Ltd and MAlai Sweets and Bakery of Cumilla, Chandpur Limes, H Power Motors and Hotel Grand Hilsha of Chandpur, Silva Pharmaceutical Ltd and Prime Distribution of Noakhali, PT Consumers Product, Horinarayan Majumder and Sons and Hotel Nurjahan of Laxmipur, CHapai-Agro Products Marketing Company, Mridula Trading Corporation and Package Cable Network of Chapainawabganj, PR Agro Corporation and Hotel Sweet Dream of Joypurhat, Hasan Traders of Naogaon, Brothers Steel, Bismillah Motors and Joykali Bari Misty of Nator, Pharma Package, Fakir Enterprise of Pabna and Bonolata Sweets and Bakery of Pabna, Jamuna Spacetech Joint Venture Ltd and Asia Sweetmeat and Cold Drinks of Bogura, Team Pharmaceuticals Ltd and Sopura Silk Mills of Rajshahi and Kismat Biri Factory and Sarkar Enterprise of Sirajganj also among the selected awardees.
Other award winners are: Maya Bidi Factory, Arefin Motors, and Grand Palace Hotel and Resorts Ltd of Rangpur, Sunlite Trading and Services Ltd, Antor Bajaj, and Jhontu Mishtanna Vander, of Kurigram, United Footcare (Bangladesh) Pv Ltd, Ms Ira Bajaj, S.K.S. Inn of Gaibandha, Greenfield Tea Industries Ltd, Ms KM Motors, and Ms Karatoa Courier Parcel and Service, of Thakurgaon, Sumaya Motors of Dinajpur, Sanita Ceramic (Pvt) ltd and Ms Shakil Motors of Nilphamari, Panchagarh Motors of Panchagarh, Swadhin Bidi & Safal Bidi factory, and A R Motors of Lalmonirhat, Modern Plywood and Wood Processing Company Ltd, Green Enterprise, Shuchona Hair & Beauty Care of Kushtia, Kazi Sayed Ali, and Sharif Furniture of Gopalganj, Bango PVC Pipe Industries, Ms Madani Enterprise, and Hotel VIP of Chuadanga, Tushar Ceramics Ltd, and Fashiar Motorcycle of Jhenaidah, Kaj Trading of Narail
Razzak Food and Beverage, Taj International and Bhagat Ghos Mishtanna Vander of Faridpur, Bhai Bhai Plastic of Magura.
Iffat Associates, Sylhet Cable Systems (Pvt.) Limited of Sylhet, Suma Food, M.B Clothes Store, Shaad & Co of Moulvi Bazar, Akij Plastics Limited, M/S PK Trading Agency and Panshi Restaurant of Sunamganj, M/S Sharif Electronics, Al Amin Food Fair Hotel And Restaurant of Habiganj, Eastern Metal industries (Chattogram) Limited, Escorp Apparels Limited and M/S. Jamuna Traders of Chattogram, Sayeman Beach Resort of Cox's Bazar, Venus Resort & Coffee House of Bandarban are also selected as top VAT payers.
The all-encompassing taxation system is one of big sources of revenue for the government in Bangladesh that presents fairly big-sized annual budget with deficit of finances. The FY2020-21 budget outlay was Tk603,681crore or over Tk 6.03 trillion. The total revenue target was Tk 392,490 crore or over Tk 3.92 trillion.
The NBR collected VAT worth Tk 975.07 billion against its target at Tk 1.10 trillion in that fiscal.
Experts say the potential of VAT collection remained largely untapped in Bangladesh as "evasion is higher" here. Lack in total digitization of payment and proper deposit of the proceeds collected from consumers is blamed for the leakages.
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