Govt moves to mobilise more VAT
Saturday, 21 May 2011
FE Report
Finance Minister AMA Muhith said Friday the government has taken measures to help mobilise more value added tax (VAT) for boosting its revenue earnings by ensuring proper transaction record at the collection stage. He said the government has taken a number of initiatives to collect more revenues in the coming days by strengthening the capacity of National Board of Revenue (NBR). "The country is being deprived of a large amount of revenue every year for not having any transaction record. We're working towards that goal so that we can collect more VAT," the finance minister said at a reception programme. The event was arranged to welcome the newly-elected executive committee of Bangladesh Civil Service or BCS (Customs and VAT) Association at a city hotel Friday. About the VAT Act, the minister said they will be able to finalise the act by this year but the one or two years' time may further be needed to give to a complete shape to the act. Citing various measures of the government, he said a new organizational structure for the NBR has been approved and its manpower has been increased. "The NBR should further accelerate the recruitment process," he added. The finance minister also emphasised the need for training of fresh officers to enhance their efficiency. Among others, Commerce Minister M Faruk Khan and NBR Chairman Nasiruddin Ahmed spoke on the occasion.
Finance Minister AMA Muhith said Friday the government has taken measures to help mobilise more value added tax (VAT) for boosting its revenue earnings by ensuring proper transaction record at the collection stage. He said the government has taken a number of initiatives to collect more revenues in the coming days by strengthening the capacity of National Board of Revenue (NBR). "The country is being deprived of a large amount of revenue every year for not having any transaction record. We're working towards that goal so that we can collect more VAT," the finance minister said at a reception programme. The event was arranged to welcome the newly-elected executive committee of Bangladesh Civil Service or BCS (Customs and VAT) Association at a city hotel Friday. About the VAT Act, the minister said they will be able to finalise the act by this year but the one or two years' time may further be needed to give to a complete shape to the act. Citing various measures of the government, he said a new organizational structure for the NBR has been approved and its manpower has been increased. "The NBR should further accelerate the recruitment process," he added. The finance minister also emphasised the need for training of fresh officers to enhance their efficiency. Among others, Commerce Minister M Faruk Khan and NBR Chairman Nasiruddin Ahmed spoke on the occasion.