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VAT online project gets revision in cost, time

ECNEC approves 14 development projects of Tk 62.28b

FE Report | January 24, 2018 00:00:00

The government revised the VAT online project for the second time with increased cost and extended implementation period.

The Executive Committee of the National Economic Council (ECNEC) endorsed the development project along with 13 others on Tuesday at a total cost of Tk 62.28 billion at its meeting at the Planning Commission (PC) in Dhaka, with Prime Minister Sheikh Hasina in the chair.

The meeting approved the Value Added Tax and Supplementary Duty Act 2012 (VAT Online) project at a cost of Tk 6.90 billion, Planning Minister AHM Mustafa Kamal told reporters after the meeting.

He said the project cost has been revised up by 25 per cent from the original estimation while the execution deadline extended by two more years to December 2020.

The National Board of Revenue (NBR) has been working on automation of the VAT and other tax payment systems with the financial support of the World Bank since October 2013.

The minister said that out of the total costs for the 14 approved projects, the government would provide Tk 54.21 billion from its own coffer, the implementing agencies Tk 658 million from their own resources and the development partners Tk 7.41 billion as project aid.

One of the approved projects is to improve the security along the Bangladesh-Myanmar border in Cox's Bazar and prevent intrusion from Myanmar.

The project titled 'Rehabilitation of Polders (67/A, 67, 67/B and 68) along the Naf River at Ukhia and Teknaf Upazilas for improving the security on Bangladesh-Myanmar border in Cox's Bazar' will be implemented at an estimated cost of Tk 1.41 billion by June 2020, said Mr Kamal.

Bangladesh Water Development Board under the Ministry of Water Resources will implement the project by June 2020.

Other projects included power distribution system improvement Comilla zone project of Tk 15.22 billion; excavation of connecting river to Gaznar Beel under Sujanagar upazila in Pabna, irrigation facilities development and fisheries cultivation (3rd revised) project of Tk 4.84 billion; strengthening of spices-related crops of Bangladesh of Tk 940 million; greater Noakhali district rural infrastructure development project (3rd phase) of Tk 11.52 billion; and widening of Morjal-Belabo road and Poradia- Belabo district highway into due standard project of Tk 1.08 billion.

Construction of Bogra town to Medical College link road (N-519) project of Tk 1.05 billion; installation of GMDSS and integrated maritime navigation system (1st revised) of Tk 4.56 billion; Gobrakura-Koroitoli land port development of Tk 672.3 million; introduction of machine readable passport (MRP) and machine readable visa (MRV) in Bangladesh project (3rd revised) of Tk 7.14 billion; learning and earning development project (2nd revised) of Tk 3.19 billion; strengthening government through enhancing capacity of BCS cadre officials, 2nd phase, project of Tk 2.40 billion; and enriching chemical meteorology infrastructures project of Tk 1.33 billion were also approved at the meeting.

Ministers, Planning Commission members, secretaries of the ministries concerned and senior officials were present.

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