Under the theme "I will pay VAT, everyone will participate in development," VAT Day and VAT Week 2024 were celebrated by the Customs, Excise, and VAT Commissionerate, Comilla, to raise awareness and encourage the public to pay value added tax (VAT).
On Tuesday, a seminar was held at an auditorium in the city of Comilla to highlight the importance of revenue generation for the economic development of the country.
The speakers emphasized that the goal of VAT Day was to simplify VAT payment and motivate taxpayers.
They mentioned that to increase revenue collection and achieve a two-digit GDP growth ratio, coordinated efforts from the business community, the National Board of Revenue (NBR), and the taxpayers are necessary.
They also pointed out that the government must take significant steps to increase the current revenue collection ratio, which currently stands at only 19 paisa for every Tk100 taka revenue.
"VAT contributes a significant portion to the national revenue, with 40% of the country's revenue coming from VAT. To maintain the pace of development, increasing revenue is essential," they added.
The National Board of Revenue has also taken specific measures to ensure a more equitable and inclusive society by removing VAT on essential items such as edible oil, pesticides, pilgrimage tickets, and other fees, as well as reducing VAT in heavy industries.
During the event, the speakers reaffirmed their commitment to working together for the overall development of the country.
