Taxmen on joint hunt to net in potential IT, VAT payers [ FIRST PAGE ] 12/01/2017
Taxmen on joint hunt to net in potential IT, VAT payers
Of 840,000 BIN-holders, barely 40,000 submit VAT returns
Doulot Akter Mala

A joint hunt has been launched by income tax (IT) and VAT wings of the revenue board for netting new income taxpayers and detecting businesses ducking out of VAT registration across the country.

The National Board of Revenue (NBR) has set its two wings in the joint survey to track down untaxed potential taxpayers and businesses that remained out of VAT (value added tax) net despite having taxable incomes and running successful business operations.

The search will be conducted in shopping centres across the country as per instructions from the NBR chairman issued in a revenue meeting early this month.

Businesses without VAT-registration number or Business Identification Number (BIN) and people, who have taxable income above Tk 250,000 annually but avoiding tax payment, will be traced in the surveys.Talking to the FE, field-level officials said they had prepared action plan for the drive.

Recently, Customs, Excise and VAT Commissionerate, Dhaka (west), sent a list of three markets and one supermall to conduct the survey in Manikganj, Tangail, Jamalpur and Dhaka.Officials said the joint survey by tax officials will net both potential VAT (value-added tax) and income taxpayers at a time with a single effort.

Talking to the FE, Dhaka west VAT commissioner Dr Shahidul Islam said a team has selected the shops for survey to spot businesses and taxpayers sans TIN and BIN."In the next step, we will scrutinize whether they are paying proper VAT to the public exchequer," he added.

At the same time, the VAT commissionerate is continuing the motivation campaign for building awareness on payment of VAT.Dhaka south VAT commissioner Kazi Mostafizur Rahman said they are also planning to launch joint survey as per instructions of the NBR.

As an initial step, the commissionerate has been conducting motivation campaigns for installation of ECR and payment of VAT in city's Bashundhara City shopping complex, Rapa plaza and other posh shopping complexes in Dhanmondi area, he said.   

However, many of the field-level officials said they cannot run the survey activity smoothly due to an acute manpower shortage in tax offices.Currently, the number of e-TIN-holders crossed 2.5 million. The number of BIN-holders is 840,000 but less than 40,000 submit VAT returns.

Income tax and VAT officials can match data of the TIN- and BIN-holders to find out tax evasion through concealment of actual income, said a senior tax official.
The NBR introduced online BIN issuance on November 01, 2016.

"Automation of TIN and BIN systems would help the NBR bring discipline in issuance system and increase the number of actual taxpayers," the official said.
As per income tax and VAT law, taxpayer-furnished information in the income tax and VAT returns is confidential and cannot be disclosed to other authorities.

Officials said concealment of taxpayer-furnished information can be easily detected if the tax officials can crosscheck the data of income tax and VAT returns.Income taxpayers submit their returns annually while VAT- paying businesses have to submit it every month.
 
 
Forward to Friend Print Close Add to Archive Personal Archive  
Forward to Friend Print Close Add to Archive Personal Archive  
Today's Other News
• BIDA signs $2b investment MoU with China
• Textile sector attracts $530m FDI in last fiscal
• Upcoming budget to ensure social dev: NBR chief
• Businesses seek low-cost long-term financing for green growth solutions
• Revenue collection rises 20pc
• 10 small businesses to receive accolade in May
More
Related Stories
News Source Link
            Top
            Top
 
Home / About Us / Benifits / Invite a Friend / Policy
Copyright © Hawker 2013-2012, Allright Reserved
free counters