NBR attains 26% growth in VAT registration in last 6 months
It also said the number of VAT registrations in August 2024 was 4,228 which was 5,644 in August 2023 having a negative growth of 25% due to the impact of July-August
The National Board of Revenue (NBR) has attained a 26% growth in providing VAT registrations over the last six months.
The current Chairman of the NBR has taken various exceptional initiatives to include new VAT payers in the VAT net as well as widening it as per the Value Added Tax (VAT) and Supplementary Duty Act, reads an NBR press statement issued today (11 February).
It said the number of VAT registrations in August 2024 was 4,228 which was 5,644 in August 2023 having a negative growth of 25% due to the impact of July-August.
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However, afterwards, the new NBR administration took a number of proactive steps to identify the new VAT payers for which the number of VAT registrations was expedited over the next six months from August 2024 to January 2025.
In a bid to boost the VAT registration, the NBR has already reduced the ceiling for annual turnover of VAT from Tk3 crore to Tk50 lakh, the press statement said, adding that turnover up to Tk30 lakh has remained VAT-free.
The release said that all the commissioners at the field level have been directed to discharge their duties with a service delivery mindset in order to provide new registrations and realise legal revenues.
Besides, the officials have also been asked to work in an 'out of the box' way to increase new VAT payers. Apart from these, 'Special Recognition' will be provided to those successful officials who would contribute towards enhancing the number of registrations through their efficiency, skills and creativity.
