Dhaka, Bangladesh (BBN)– The government has introduced online VAT registration and return submission facilities for businesses to ensure a hassle-free environment for payment of the indirect tax.
With the introduction of the system, businessmen can apply for and get VAT registration from anywhere without coming to the tax offices. They will also be able to submit VAT returns every month through online.
The National Board of Revenue (NBR) has introduced the new automated VAT registration and return submission system through a program at Institute of Diploma Engineers in the capital Dhaka on Tuesday.
Finance Minister A M A Muhith inaugurated the new system. Leaders of the country’s leading chamber bodies also attended the program.
Taxpayers under Large Taxpayers Unit (LTU) and four divisions of Dhaka south zone VAT office will come under online return submission system from now on, officials said.
“The number of VAT and income-tax payers is very insignificant, compared to the country’s population. It is shameful for us,” Muhith said while speaking in the program.
The number of VAT payers increased from 20,000 to 0.7 million during the last few years, but it is not satisfactory, the minister said, adding that new system will eradicate harassment and ensure accountability in payment of the consumption tax.
He expressed hope over meeting the country’s internal revenue demand from VAT and income-tax in near future.
BBN/SI/AD-05Jan11-9:28 am (BST)
