West Dhaka VAT Commission collects 3000 Tk in revenue
The Customs, Excise and VAT (West Dhaka) Commissariat under the National Revenue Council (NBR) recovered 3,000 taka crore as VAT revenue in the last fiscal year (2020-2021 ) with a growth of 7%.
The revenue collection of this VAT commissioner amounted to TAKA 2,822 crore in the previous fiscal year (FY20).
Relevant authorities said that apart from combating tax evasion, the West Dhaka police station has seen higher growth in revenue collection despite the pandemic, with revenue generation reaching a significant rate in the productive sector. .
Speaking to BSS, Customs, Excise and VAT (Dhaka West) Commissioner Syed Mushfiqur Rahman said the international fair had not taken place this time around due to the pandemic.
Side by side, he said, the Bangabandhu International Conference Center remained closed, the rate of implementation of development projects also remained a bit low for which there was less realization of the withholding tax during the last financial year.
“But, VAT collection is increasing despite the pandemic as revenue collection is increasing in the productive sector as well as efforts have been made to control VAT fraud,” he added.
Mushfiqur said there are many opportunities to increase revenue collection in productive sectors of industrial zones like Savar and Ashulia. “We are able to use this opportunity this time.”
He said they have remained vigilant throughout the year to control VAT fraud. “We have tried to control VAT fraud by strictly reviewing audit reports submitted by companies to banks. For this, revenue collection from the productive sector during the last fiscal year has grown by 25 percent.
Mushfiqur said the generation of withholding tax income under this commission has seen a 10 percent drop in the last fiscal year. He said most of the income, like withholding tax, came from development projects, but the number of such projects fell less under the purview of this commissioner last year.
The Commissioner also hoped that it would be possible to meet the revenue collection target this year if withholding tax revenue is collected at a desired level. The West Dhaka Police Station’s revenue-raising target was 3,300 taka crore last year.