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Dhaka Tribune

Verifying VAT returns likely before approval of bank loans

Revenue officials said the move had been taken to  prevent VAT evasion and increase revenue

Update : 22 Jun 2020, 09:29 PM

The VAT Investigation Directorate has requested the Bangladesh Bank (BB) that it issue an instruction to scheduled banks on checking borrowers’ VAT returns before the approval of any loans.

The VAT Audit, Intelligence & Investigation Directorate under the National Board of Revenue (NBR) sent the proposal to the BB past week.

Revenue officials said the move had been taken to  prevent VAT evasion and increase revenue.

A senior BB official said they were examining the proposal before issuing directives to banks

Talking to Dhaka Tribune, Pubali Bank Managing Director Abdul Halim Chowdhury said the BB would have to come up with clear directives and guidelines in this regard as additional work would be imposed on the banks in order for any such circular to be complied with.

Every month, businesses are required to file VAT returns and submit them to their respective VAT circles.  Businesses must provide their buying and selling information details in the VAT returns. But most companies conceal their actual information in the returns to evade VAT and income tax, alleged officials at VAT Audit, Intelligence & Investigation Directorate.

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