NBR: New VAT law to launch new era

The National Board of Revenue said the new value-added tax law will launch a new era in the country’s revenue collection. The implementation of the law will be “logical,” he said while speaking at a pre-budget meeting with the Economic Reporters Forum, a body of the country’s economic and business journalists, on Wednesday. NBR Member (VAT Policy) Jahangir Hossain said: “By implementing the new VAT law, the VAT administration under the NBR will become a full-fledged service-oriented body and the businesses will also get services more easily.” ERF President Saif Islam Dilal said the money laundering has increased in recent years, leading to decline in remittance inflow to the country. He urged the NBR to work along with Bangladesh Bank to prevent money laundering through Hundi and over and under invoicing. ERF General Secretary Ziaur Rahman called to impose 5-10% additional taxes on the companies which are not listed with stock market despite being capable to be listed. Among others, NBR Member (Tax Policy) Lutfor Rahman and former General Secretary of Jatiya Press Club Quamrul Islam Chowdhury were also present at the meeting. NBR chairman said sweets will be offered to taxpayers at the NBR offices across the country on the occasion of Bangla New Year, Pahel Baishakh. The NBR will celebrate Halkhata, a Bengali tradition of opening new accounts on the first day of Bangla New Year, Pahela Baishakh. Halkhata was introduced in the era of Mughal Emperor Akbar.