The revenue collection target from Dhaka West Commissionerate was Tk3,300 crore
The Customs, Excise and VAT Commissionerate (Dhaka West) under the National Board of Revenue (NBR) fetched Tk3,000 crore as revenue from VAT in the last 2020-21 fiscal year, registering a 7% growth.
The revenue collection from this VAT Commissionerate was Tk2,822 crore in FY20.
Authorities said that apart from checking tax evasion, the Dhaka West Commissionerate had witnessed higher growth in revenue collection despite the pandemic as revenue generation increased by a significant rate in the productive sector.
Commissioner of Customs, Excise and VAT (Dhaka West) Syed Mushfiqur Rahman said that the international trade fair did not take place this time due to the pandemic.
The Bangabandhu International Conference Centre also remained closed and the implementation rate of development projects remained a bit low for which there was less realization of tax at source in the last fiscal year.
“But the VAT collection increased despite the pandemic since revenue collection increased in the productive sector and efforts were made to check VAT evasion,” he added.
Mushfiqur further said there was ample scope for increasing revenue collection in the productive sectors of industrial zones like Savar and Ashulia this time.
He said they remained vigilant round the year to check VAT evasion.
“We have tried to check VAT evasion by strictly reviewing the audit reports submitted by the business firms to banks. For this, the revenue collection from the productive sector in the last fiscal year witnessed a 25% growth.”
Also read - Customs officers get more power
Mushfiqur said revenue generation from tax at source under this Commissionerate witnessed a 10% fall in the last fiscal year.
He said the majority portion of revenues, like tax at source, used to come from the development projects, but the number of such projects were less under the jurisdiction of this Commissionerate last year.
The commissioner also hoped that it would be possible to attain the revenue collection target in this year if the revenues from tax at source is collected at a desired level.
The revenue collection target from Dhaka West Commissionerate was Tk3,300 crore last fiscal year.