NBR to strengthen scrutiny to check VAT evasion

The National Board of Revenue (NBR) has decided to strengthen its scrutiny to prevent VAT (Value Added Tax) evasion, aiming to achieve the revenue collection target it was given in the national budget for the current fiscal (2015-16). NBR chairman M Nojibur Rahman recently gave directives to field-level VAT offices in this regard apart from asking its scrutiny department to be proactive. "The NBR chairman has directed the field-level offices of the VAT wing to expedite their activities for achieving the [revenue collection] target for this fiscal," a senior NBR official said. The NBR has got a gigantic target of Tk1763.7 billion revenue collection for the 2015-16 fiscal against Tk1350.2 billion last year. This year, the target was set to collect Tk649.71 billion from income tax, while Tk642.62 billion from VAT and Tk187.52 billion from import duty. The target for export duty has been fixed at Tk37 million, excise duty at Tk12.39 billion and supplementary duty at Tk258.75 billion. "To achieve the target, the NBR is very much cautious from the very beginning of the fiscal," the NBR official said, according to a news agency.

-Shuvo-