The National Board of Revenue (NBR) has attained 26% growth in providing VAT registrations over the last six months (August 2024-January 2025).
However, its revenue collection from value-added tax (VAT) dropped by 5.45%, settling at Tk55,177 crore during the first half of the 2024-25 fiscal year (FY).
According to the NBR data, the total revenue collection in July-December was Tk1.56 lakh crore, compared to Tk1.65 lakh crore in the first half of FY24. The total revenue collection had witnessed a 6% decrease in a year.
NBR said in a statement that the current chairman has taken various exceptional initiatives to include new VAT payers in the VAT net as well as widening it as per the Value Added Tax (VAT) and Supplementary Duty Act.
It said the number of VAT registrations in August 2024 was 4,228, which was 5,644 in August 2023, having a negative growth of 25% due to the impact of the July revolution.
However, afterwards, the new NBR administration took a number of proactive steps to identify the new VAT payers for which the number of VAT registrations was expedited over the next six months, from August 2024 to January 2025.
In a bid to boost VAT registration, the NBR has already reduced the ceiling for annual turnover of VAT from Tk3 crore to Tk50 lakh, according to the press statement. It added that turnover up to Tk30 lakh has remained VAT-free.
The NBR release also said all the commissioners at the field level had been directed to discharge their duties with a service delivery mindset in order to provide new registrations and realise legal revenues.
Also special recognition will be provided to those successful officials who would contribute towards enhancing the number of registrations through their efficiency, skills and creativity, read the statement.
