VAT registration increases by 69 per cent

Despite the impacts of Covid-19 pandemic, VAT registration at the National Board of Revenue (NBR) has increased by 69 per cent in the last fiscal year (FY21) with the new registration of some 1,15,031 firms.

The number of registered firms in the FY20 was 1, 67,169 which later stood at 2, 82,200 in the last fiscal year (FY21), reports BSS.

According to NBR, the highest number of VAT registration took place at the Customs, Excise and VAT Commissionerate, Dhaka South out of the countrywide 11 Commissionerates.

The highest number of some 38,092 firms made their VAT registration with Dhaka South Commissionerate in the last fiscal year (FY21) which was 34,050 in FY20. So, VAT registration in this Commissionerate witnessed 112 per cent growth.

Talking to BSS, director general of Statistics and Research wing of NBR Anowar Hossain said that strict monitoring at field-level and various motivational programmes have played their part in new VAT registration.

“Side by side, the taxpayers are feeling interested to take VAT registration for the sake of continuing their business operations since various government organizations came under automation,” he added.

Anowar also said it would be easier to make those firms complainant which would take VAT registration while the tax officials would also be able to conduct their audit there if it is deemed necessary.

In the last fiscal year, the number of submissions of online returns increased as well as revenue collection.