Dhaka, Tuesday, May 22, 2018

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VAT collection under LTU witnesses 18pc growth in July-March period

DHAKA, May 10, 2018 (BSS) - Revenue collection under the Large Taxpayer Unit (LTU) of Value Added Tax (VAT) witnessed an 18 percent growth in July- March period of the current fiscal (FY18), as it collected Taka 31,297 crore, up by Tk 4,809 crore from the same period of previous fiscal year (FY17).

Talking to BSS, VAT LTU commissioner Md Matiur Rahman said the unit has been possible to achieve higher growth in revenue collection because it has taken a time-befitting strategy and intensified supervision, VAT auditing and recovery of arrears.

He said the LTU realized a significant amount of outstanding VAT from Petrobangla, mobile-phone operators and other establishments.

Rahman said steps have already been taken to stop misuse of tax waiver facilities.

He said different establishments get tax waiver from the National Board of Revenue (NBR) but some establishments are dodging tax on various excuses. "We've already been able to identify such cases and a significant amount of VAT has been collected from such establishments," he added.

At present, LTU looks after VAT, supplementary duty and excise duty of a total 170 larger taxpaying establishments. LTU usually collects around 56 percent of the total revenue collected in a fiscal year.

The government has targeted to mobilize Tk 91,254 crore as VAT in FY18 and it has collected a total of Tk 57,750 crore during the July-March period of the current fiscal year.