NBR paces work to collect revenue under LTU

The National Board of Revenue (NBR) intensified its move to collect the outstanding Value Added Tax (VAT) under the Large Taxpayer Unit (LTU) aiming to achieve the revenue collection target for fiscal year (FY) 2018-19, reports BSS.

"As part of the move, NBR has sent letters to the large taxpayers asking them to pay their dues within a short time. The NBR has also taken necessary steps to settle the pending cases quickly," VAT LTU Commissioner Muhammad Mubinul Kabir told the news agency on Saturday.

He said the NBR would also take legal action against the taxpayers, if they fail to pay the outstanding VAT within a short time.

"More than Tk 15,000 crore (150 billion) lies in outstanding VAT under the LTU. Many business entities collect VAT from their customers, but they do not deposit the money to the public exchequer," he added.

He expressed hope that the move would help achieve the target of revenue collection for FY 2018-19.

In FY 2018-19, the government has set a target to collect Tk 1.1 trillion (110,000 crore) in VAT.