Tax dodging businesses under NBR radar

The National Board of Revenue (NBR) has asked its field offices to strongly monitor the business organisations which have failed to give the due tax although the first quarter of the current fiscal is over, reports UNB. “The NBR chairman has given the directive to the field offices to strengthen monitoring on the business entities that are showing negative growth,” a senior official at the revenue collecting authority told the news agency.
He said they have information that a good number of business organisations are paying lower tax. According to him, the NBR chairman also directed the officials to strengthen their monitoring on product and service sectors. He mentioned that it will not be a tough job for them to strengthen monitoring process as the NBR has the data of the business houses which are paying lower tax.
The NBR has already decided to prepare a list of sectors and business entities to widen the Value Added Tax (VAT) in addition to making it mandatory to use ECR or POS for all kind of shops to strictly monitor their revenue earnings.
In July 2008, the NBR issued an order making the installation of the ECR mandatory by 11 categories of service providers to check VAT evasion.
The service providers are hotels, restaurants, fast food and sweetmeat shops, furniture sales centres, beauty parlours, community centres, posh shopping centres in metropolitan areas and relevant business organisations, department stores, general stores and other big and medium wholesale and retail business organisations.
The order took effect on July 1, 2008 for the business organisations of all city corporations and district towns across the country.
Under the system, the businesses concerned will have to give the printed transaction slips to the respective customers.  The customers have also been asked to take ECR-printed slips from the shops and to complain to the NBR if they are denied the slips by the shops.
This fiscal year the NBR will have to assemble some Tk 2,03,152 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal.
VAT will be the biggest contributor with Tk 72,764 crore. Tk 71,940 crore will come from income tax and tax on profit, supplementary duty will contribute Tk 30,075 crore, excise duty Tk 4,449 crore, export duty Tk 44 crore and other taxes and duties will contribute Tk 1,428 crore.

Tax dodging businesses under NBR radar

The National Board of Revenue (NBR) has asked its field offices to strongly monitor the business organisations which have failed to give the due tax although the first quarter of the current fiscal is over, reports UNB. The NBR chairman has given the directive to the field offices to strengthen monitoring on the business entities that are showing negative growth, a senior official at the revenue collecting authority told the news agency. He said they have information that a good number of business organisations are paying lower tax. According to him, the NBR chairman also directed the officials to strengthen their monitoring on product and service sectors. He mentioned that it will not be a tough job for them to strengthen monitoring process as the NBR has the data of the business houses which are paying lower tax. The NBR has already decided to prepare a list of sectors and business entities to widen the Value Added Tax (VAT) in addition to making it mandatory to use ECR or POS for all kind of shops to strictly monitor their revenue earnings. In July 2008, the NBR issued an order making the installation of the ECR mandatory by 11 categories of service providers to check VAT evasion. The service providers are hotels, restaurants, fast food and sweetmeat shops, furniture sales centres, beauty parlours, community centres, posh shopping centres in metropolitan areas and relevant business organisations, department stores, general stores and other big and medium wholesale and retail business organisations. The order took effect on July 1, 2008 for the business organisations of all city corporations and district towns across the country. Under the system, the businesses concerned will have to give the printed transaction slips to the respective customers. The customers have also been asked to take ECR-printed slips from the shops and to complain to the NBR if they are denied the slips by the shops. This fiscal year the NBR will have to assemble some Tk 2,03,152 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal. VAT will be the biggest contributor with Tk 72,764 crore. Tk 71,940 crore will come from income tax and tax on profit, supplementary duty will contribute Tk 30,075 crore, excise duty Tk 4,449 crore, export duty Tk 44 crore and other taxes and duties will contribute Tk 1,428 crore.