One hundred percent online submission of monthly returns of Value Added Tax (VAT) is possible within the next 10 months, said National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem.
"During the ongoing Covid-19 pandemic, about 67% companies have submitted returns online until October last. About 74,000 returns have been submitted online during this time," he said.
"So, it can be assumed that submission of 100% returns online can be achieved in the next eight to ten months," he told a webinar marking National VAT Day and VAT Week 2020 at the NBR conference room on Thursday.
"Our growth during the pandemic is enviable. In spite of financial stagnation inflicted by the pandemic, we are doing well in many sectors including tourism and transport. Automation is needed in order to expand the VAT sector. The automation process is ongoing in NBR to ease the payment of taxes and VAT," he added.
Member of the National Board of Revenue (VAT Policy) Abdul Mannan Sikder presented the keynote at the event.
He said, "For taxpayers who are not able to file their returns online, there is also a system of filing returns on traditional paper, which is later scanned by VAT officials and converted into digital data."
Sheikh Fazle Fahim, president of Bangladesh Chamber of Commerce and Industry, said, "We are working to increase VAT coverage. However, tariff has to be reduced if VAT coverage is expanded. The finance minister has assured us about this."
"Compared to the global economy, our GDP rate is quite weak. Although the world's average GDP rate is about 15%, our tax-GDP ratio is only close to 10%. But the National Board of Revenue is cooperating with the businessmen for the industrialisation of the country," he added.
9 highest VAT paying cos awarded
At the event, NBR awarded nine highest VAT paying companies of the 2019-20 financial year.
Sheikh Fazle Fahim and Rahmatul Muneem jointly presented awards. Three highest VAT paying organisations in manufacturing sector, three from business sector and three from service sector received the awards at the same function at NBR conference room in the capital.
Popular Pharmaceuticals Limited, Berger Paints Bangladesh Limited and Fair Electronics Limited was awarded as the highest VAT payers in the manufacturing sector.
The three companies awarded from the business sector are Hamco Corporation Limited, Siemens Bangladesh Limited and Unimart Limited.
The three companies that have been awarded the highest VAT payers in the service sector are Summit Communications Limited, Qatar Airways Group and Chittagong Warehouses Limited.
Chief Guest Finance Minister AHM Mustafa Kamal could not attend the function as he was staying abroad.