Vat registration process to be expedited
Monday, 24 December 2007
Doulot Akter Mala
The National Board of Revenue (NBR) has decided to expedite the process of Value Added Tax (Vat) registration in the backdrop of widespread allegation about the delay involved in the process.
The NBR has been intensifying its efforts to speed up Vat registration process and complete the same with in 48 hours, an official source said.
It was alleged that businessmen have been facing problems to obtain Vat registration in a short period due to procedural complexities.
Some of them alleged that the complicated procedure of Vat registration forced some businessmen to bribe taxmen for early disposal.
The NBR recently gave direction to all the Vat comissionarates to inform it by seven days about the procedural complexities against Vat registration and possible ways to resolve those.
The board also asked its Vat wings to furnish detailed information about on the number of Vat applicants and issuance of certificates during the July-October period of this fiscal and the number of pending applications, elaborating reasons, causes of delay in completing Vat registration process etc.
The board will take necessary action to resolve the problems on the basis of those information.
The Vat department has also given direction to all the Vat wings to give reports on Vat registration in every six months to the board.
Although the Vat comissionarate are to issue Vat registration by 48 hours as per existing rule, usually, it takes seven to 15 days in Dhaka and Chittagong, sources claimed.
Apart from two cities, Vat registration process takes more than one month in other divisions and districts, sources said.
As a part of NBR's move on simplification the tax related issues, the board has been taking a number of steps.
The board will issue Citizen's Charter within a short-time to bring transparency in its work.
About 0.3 million Vat registration certificates have been issued until now across the country. Of which, 0.2 million are in Dhaka.
Following an allegation of Vat evasion, the NBR has withdrawn the import duty from electronic cash register machine and made its installation mandatory to some service sector organisations.
Business transaction and Vat collection will be easier and transparent with the installation of the machine, which will be effective from July 2008.
In July-November period, the collection of Vat grew by 15.41 per cent over that of the corresponding period of last fiscal.
During the first five months, the NBR collected Tk 53.43 billion as Vat, which was Tk 46.30 billion in the same period of fiscal 2006-07.
In the last fiscal, the board collected VAT worth about Tk 125.06 billion (12506 cr) and for the current fiscal, a target of Tk 120 billion (12800 cr) has been set.
The National Board of Revenue (NBR) has decided to expedite the process of Value Added Tax (Vat) registration in the backdrop of widespread allegation about the delay involved in the process.
The NBR has been intensifying its efforts to speed up Vat registration process and complete the same with in 48 hours, an official source said.
It was alleged that businessmen have been facing problems to obtain Vat registration in a short period due to procedural complexities.
Some of them alleged that the complicated procedure of Vat registration forced some businessmen to bribe taxmen for early disposal.
The NBR recently gave direction to all the Vat comissionarates to inform it by seven days about the procedural complexities against Vat registration and possible ways to resolve those.
The board also asked its Vat wings to furnish detailed information about on the number of Vat applicants and issuance of certificates during the July-October period of this fiscal and the number of pending applications, elaborating reasons, causes of delay in completing Vat registration process etc.
The board will take necessary action to resolve the problems on the basis of those information.
The Vat department has also given direction to all the Vat wings to give reports on Vat registration in every six months to the board.
Although the Vat comissionarate are to issue Vat registration by 48 hours as per existing rule, usually, it takes seven to 15 days in Dhaka and Chittagong, sources claimed.
Apart from two cities, Vat registration process takes more than one month in other divisions and districts, sources said.
As a part of NBR's move on simplification the tax related issues, the board has been taking a number of steps.
The board will issue Citizen's Charter within a short-time to bring transparency in its work.
About 0.3 million Vat registration certificates have been issued until now across the country. Of which, 0.2 million are in Dhaka.
Following an allegation of Vat evasion, the NBR has withdrawn the import duty from electronic cash register machine and made its installation mandatory to some service sector organisations.
Business transaction and Vat collection will be easier and transparent with the installation of the machine, which will be effective from July 2008.
In July-November period, the collection of Vat grew by 15.41 per cent over that of the corresponding period of last fiscal.
During the first five months, the NBR collected Tk 53.43 billion as Vat, which was Tk 46.30 billion in the same period of fiscal 2006-07.
In the last fiscal, the board collected VAT worth about Tk 125.06 billion (12506 cr) and for the current fiscal, a target of Tk 120 billion (12800 cr) has been set.