Making the payment of value-added tax (VAT) above Tk 1.0-million mark must be done electronically or by A-chalan from January under an order meant for plugging revenue evasion.
This edict of government's revenue authority has drawn down the ceiling of cash transaction of VAT from the current Tk 5.0 million to one million for businesses to promptly deposit the collected VAT with proof of treasury chalan.
The VAT policy wing under the National Board of revenue (NBR) issued the order recently by revising the cash-payment limit downward in a bid to ensure recorded transaction of VAT.
Talking to the FE, Zakia Sultana, member of the wing, who signed the order, said, "The move is aimed at popularizing electronic payment among the businesses in a bid to ensure financial transparency."
She said VAT payment above the limit could be made through mobile financial services (MFS), electronic bank transfer or A-chalan. Experts say the move would help to ensure recorded transaction in small-and medium-scale businesses and contribute to the goal of checking VAT evasion.
In the order, dated November 20, 2023, the NBR wing said, "Businesses would be able to pay VAT within a short time as well as government would get its revenue in right time." With the latest order, the VAT wing has scrapped its previous one issued in this connection on December 30, 2021.
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