NBR pledges to continue package VAT for small traders
Monday, 1 November 2010
FE Report
The National Board of Revenue (NBR) assured Sunday the businessmen of continuing the package VAT system to promote small entrepreneurs.
The assurance came in a meeting between Customs, excise and VAT commissionarate of Dhaka south and small businesses. The meeting was arranged to promote use of electronic cash register and ensure VAT payment from businessmen
"We will not take any step that hurts micro businesses. Business growth is imperative to enhance revenue collection," said NBR chief Dr Nasir Uddin.
Small businesses are used to paying Tk 4000 to Tk 6200 as VAT. Usually, VAT is a sales tax that the businesses deposit to the public exchequer on the basis of their transaction. But the government allowed small businesses to pay a specific amount of tax instead of transaction under a special arrangement.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president AK Azad, general secretary of Shop owners association SA Kader Kiron attended the meeting, chaired by commissioner of the VAT office Abdul Kafi.
AK Azad said severe power and gas crisis and traffic congestion are major roadblocks to business growth.
He urged the revenue board not to scrap the package VAT system considering the interest of small businesses.
He also urged the NBR to recruit sufficient manpower to improve service to the taxpayers.
Businesses also urged the revenue board to ensure business-friendly environment and not to harass business people.
The National Board of Revenue (NBR) assured Sunday the businessmen of continuing the package VAT system to promote small entrepreneurs.
The assurance came in a meeting between Customs, excise and VAT commissionarate of Dhaka south and small businesses. The meeting was arranged to promote use of electronic cash register and ensure VAT payment from businessmen
"We will not take any step that hurts micro businesses. Business growth is imperative to enhance revenue collection," said NBR chief Dr Nasir Uddin.
Small businesses are used to paying Tk 4000 to Tk 6200 as VAT. Usually, VAT is a sales tax that the businesses deposit to the public exchequer on the basis of their transaction. But the government allowed small businesses to pay a specific amount of tax instead of transaction under a special arrangement.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president AK Azad, general secretary of Shop owners association SA Kader Kiron attended the meeting, chaired by commissioner of the VAT office Abdul Kafi.
AK Azad said severe power and gas crisis and traffic congestion are major roadblocks to business growth.
He urged the revenue board not to scrap the package VAT system considering the interest of small businesses.
He also urged the NBR to recruit sufficient manpower to improve service to the taxpayers.
Businesses also urged the revenue board to ensure business-friendly environment and not to harass business people.