NBR to honour 68 top VAT payers tomorrow
Tuesday, 4 November 2008
Doulot Akter Mala
The National Board of Revenue (NBR) in a first ever move will honour the district level top Value Added Tax (VAT) paying companies tomorrow (Wednesday).
The board has selected 68 top VAT payers from 45 districts under three categories-- business, production and service -- to encourage payment of tax.
NBR will honour those companies Wednesday (November 5) at the Osmani Srimti Milonaoton in the city. The companies will receive crests and certificates as top district level VAT payers.
On October 28, the NBR announced the names of the companies through a gazette notification in line with the government declared policy on awarding top VAT payers.
Officials said the government framed the policy in 2005, but it could not implement the policy in the last two years due to procedural complexities.
On the basis of Vat payment in fiscal 2007-08, the NBR has selected those companies after scrutinising their income tax payment status and obtaining clearance from the Bangladesh Bank (BB).
The NBR has taken the move to encourage district level companies in VAT payment against the backdrop of poor VAT collection from service sectors.
"We have decided to honour the top VAT payers at national level from the next year where top VAT paying companies will be awarded for their contribution to the national economy," an official said.
Top VAT payers under large tax payers' unit (LTU) have been excluded from the list of top district level VAT payers, he said.
Under business category, around 29 companies have been selected for the honour followed by 22 from production sector and 17 from service sector.
In production catagory, Aziz bidi ltd of Rangpur has been selected as the top VAT paying company that paid Tk 300 million in the last fiscal.
The National Board of Revenue (NBR) in a first ever move will honour the district level top Value Added Tax (VAT) paying companies tomorrow (Wednesday).
The board has selected 68 top VAT payers from 45 districts under three categories-- business, production and service -- to encourage payment of tax.
NBR will honour those companies Wednesday (November 5) at the Osmani Srimti Milonaoton in the city. The companies will receive crests and certificates as top district level VAT payers.
On October 28, the NBR announced the names of the companies through a gazette notification in line with the government declared policy on awarding top VAT payers.
Officials said the government framed the policy in 2005, but it could not implement the policy in the last two years due to procedural complexities.
On the basis of Vat payment in fiscal 2007-08, the NBR has selected those companies after scrutinising their income tax payment status and obtaining clearance from the Bangladesh Bank (BB).
The NBR has taken the move to encourage district level companies in VAT payment against the backdrop of poor VAT collection from service sectors.
"We have decided to honour the top VAT payers at national level from the next year where top VAT paying companies will be awarded for their contribution to the national economy," an official said.
Top VAT payers under large tax payers' unit (LTU) have been excluded from the list of top district level VAT payers, he said.
Under business category, around 29 companies have been selected for the honour followed by 22 from production sector and 17 from service sector.
In production catagory, Aziz bidi ltd of Rangpur has been selected as the top VAT paying company that paid Tk 300 million in the last fiscal.