Dhaka International Trade Fair (DITF) 2016 is going to bag record amount of revenue earnings, worth about Tk 20 million, in the form of value added tax (VAT) following rush of a significant number of visitors and buyers.
According to customs officials, VAT worth over Tk 15 million have been realised till the 27th day of the ongoing month-long mega expo, which is more than double of the amount, collected till the same period of the previous year.
The customs officials expressed hope that the amount would reach Tk 20 million by the end of the fair.
DITF 16 was inaugurated on January 01 and is scheduled to end on January 31.
The customs officials at the fair said around Tk 7.0 million VAT was realised from the fair last year (2015), despite an increase in its duration for 10 days due to political instability.
The trade fair added Tk 12 million to the public exchequer as VAT in 2014.
Rakibul Hasan, deputy commissioner of Customs Excise and VAT, said a large number of buyers and visitors are thronging the stalls and pavilions of different companies from the beginning of this year's DITF.
"With the increase in number of visitors and buyers, the fair's participants are witnessing sound business. Subsequently, the amount of VAT earnings has also increased more than twice than that of the previous year," he said.
Among the companies, local electronic, automobile and home appliance manufacturing and marketing company, Walton, has deposited the highest amount of VAT worth Tk 1.0 million till Wednesday.
The local brand is spontaneously depositing a good amount of VAT everyday throughout the fair he said adding. It was also the top VAT payer last year, he also said.
Apart from Walton, different furniture brands, like - Hatil, Nadia and Akhter Furniture, have also submitted a good amount of VAT due to imposition of 10 per cent VAT on furniture items this year.
Ongoing political stability has helped DITF 16 to draw huge crowd, and thus the mega expo is depositing a significant amount of revenue as VAT, he noted.
A Z M Saifullah, manager of Sonali Bank Pavilion at the fair, said the participants' sales have doubled this year than the previous year.
"Consequently, the amount of VAT realisation has also increased this year," he added.
During a visit to the fair on Wednesday, it has been found that a good number of visitors are thronging the Walton pavilions to buy their desired electronics products, like - refrigerator, smart-phone, LED television, motorcycle and other home and kitchen appliances, at affordable rates.
Md Akmuzzaman (Apu), manager of Walton Premier Pavilion, said the local brand has emerged as the best taxpayer at DITF for the last several successive years.
According to the fair organising committee, a total of 553 stalls, pavilions and mini pavilions have been allotted to local and foreign companies this year.
Some 56 stalls have been allotted to companies from 21 foreign countries. Last year, there were 497 stalls and pavilions in DITF.
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