Cooperation from businesses sought in VAT collection

FE Team | Published: June 04, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

RAJSHAHI, June 3 (BSS): Speakers at a seminar have called upon the business community to extend its cooperation in collecting Value Added Tax (VAT) so that the government can implement the development programmes successfully.
They said enhanced VAT collection is very important to make the country's economic wheel functional instead of relying on foreign help.
"There is no alternative to accelerating revenue collection from internal resources to lessen the pressure on foreign aid," they added.
The Commissionerate of Customs, Excise and VAT organised the seminar styled "Implementation of VAT and Supplementary Customs Law-2012 and Awareness building and Motivation among the taxpayers" at Moonlight Garden restaurant in the city Tuesday. More than 500 taxpayers, mostly businessmen, and other concerned officials attended the seminar.
Fazley Hossain Badsha, MP, addressed the programme as the chief guest while Commissioner of Rajshahi Metropolitan Police Md Shamsuddin and President of Rajshahi Chamber of Commerce and Industry Md Muniruzzaman spoke as special guests with Abdul Mannan Shikder, Commissioner of Customs, Excise and VAT, in the chair.
The meeting was told that a new online VAT system is going to be introduced with the National Board of Revenue (NBR) from next month to facilitate the online payment of the duties.
The government has set a timeframe to give an effect to the new VAT law in order to introduce an automation system in the VAT collection.
At present, all the VAT related activities, except VAT registration, are conducted manually. After introduction of the new system based on COST software, all the activities of VAT will come under automation system.
As per the NBR plan, all kinds of VAT collection through online will start from July 1 and the new VAT law will be fully effective by this yearend.
"Every one of us should think about ways to develop the nation and how to reduce pressure on foreign aid," said lawmaker Mr Badsha.