While Tk5 crore was collected in VAT revenue during 2018’s trade fair, this year the amount is expected to reach Tk6 crore
The government has received Tk3.84crore in its exchequer so far from the ongoing 24th Dhaka International Trade Fair 2019.
According to sources at the Customs, Excise and VAT Commissionerate, a total of Tk3.56 crore was earned from VAT and Tk272,000 from VAT at source, as of February 5.
While Tk5 crore was collected in VAT revenue during 2018’s trade fair, this year the amount is expected to reach Tk6 crore, the sources added.
Saidul Alam, deputy commissioner of Customs and VAT of Dhaka West Zone, told the Dhaka Tribune that the figures this year would have increased had it not been for the delayed inauguration and the 11th general election on December 30.
“Most of the top brands failed to get visa due to various reasons,” he also said.
Till now the VAT officials have fined 25 participating companies in the trade fair for VAT fraud and evasion charges.
The companies include Relax Metal Industries Ltd for Tk25.000, Delhi Aluminum for Tk20,000, Miyako Trade International for Tk25,000, Nabisco Biscuit and Bread Factory Ltd for 25,000, Hashem Food Ltd for Tk20,000 and many others.
Saidul also said, “The Customs and VAT Division had filed cases against the 25 VAT evading companies under the VAT Act.”
Additionally, regular vigilance by a team of Customs and VAT officials make daily rounds inside the fair to find repeat offenders, who will be fined Tk50,000 or even more.
According to Export Promotion Bureau (EPB) statistics, export orders amounted to Tk22.98 crore in 2010, Tk25 crore in 2011, Tk43.18 crore in 2012, Tk157 crore in 2013, Tk80 crore in 2014, Tk95 crore in 2015, Tk235.17 crore in 2016, Tk243.44 crore in 2017 and Tk166 crore last year.
Mohammad Abdur Rouf, deputy secretary at EPB, said, “DITF is the biggest platform to showcase the locally-produced products, especially small and medium entrepreneurs.”
Sources at the Ministry of Commerce said organizations from India, Pakistan, China, the United States, Australia, Germany as well as several other countries participated in this year’s edition, as well as scores of local organizations.
The month long fair traditionally begins on the first day of the New Year, and is jointly organized by the EPB and the Ministry of Commerce since 1995.