NBR’s income tax, VAT wings launch joint survey of businesses [ Business ] 12/01/2017
NBR’s income tax, VAT wings launch joint survey of businesses
Jasim Uddin
 
Value-added tax and income tax offices of the National Board of Revenue are set to start a joint survey on businesses, mainly at shops, to trace eligible traders who still remained out of tax and VAT net, officials said.

Field level VAT and tax offices are now preparing a work plan that includes the name of business entities, their locations and date of starting the business, they said.

The National Board of revenue has recently instructed the field offices for preparing the work plan for the joint survey and intensifying efforts to widen tax and VAT base in the country through the progrmme.

Officials of the VAT and tax wing of NBR will jointly visit the business premises including markets and shopping malls to check whether the owners have business identification number known (BIN), also known as VAT identification number, and electronic taxpayers’ identification numbers in line with their annual sales record and income, and pay applicable VAT and income tax.

According to the existing VAT law, businesses having annual transactions above Tk 70 lakh require to obtain BIN while businesses having transactions below the amount need to be enrolled for paying either turnover tax or package VAT based on their annual transactions.On the other hand, people having taxable income which is now Tk 2.5 lakh require to obtain e-TINs and pay income tax.

Currently, there are around 26 lakh e-TIN holders in the country and of them only 11.44 lakh individuals filed income tax returns in the current fiscal year while another 1.52 lakh individuals filed time petition for returns submission.

On the other hand, some 7.84 lakh businesses have BINs. Of them, only 57,560 submit VAT returns.Officials said that a large number of traders still remained out of the tax and VAT net despite having adequate income and business transactions.

The survey teams will scrutinise the sales record and income of businesses to determine the applicability of tax and VAT on them, they said.They will also match the data of e-TIN and BIN holders to see whether traders were evading taxes through concealment of transactions and income.

They will also provide BINs and e-TINs to traders if found them eligible.Some field offices had already launched the survey while others were taking preparations.

Customs, excise and VAT commissionarate, Dhaka (west) selected three markets and a supermall located in Manikganj, Tangail, Jamalpur and Dhaka for conducting the survey.

Dhaka (south) commissionerate is also planning to launch the inspection, officials said.They said that field offices were also running motivation campaigns so that traders pay VAT and tax voluntarily.

VAT commissionerates have already taken such programmes at Basundhara City Shopping Complex, Rapa Plaza and some other markets in Dhaka to motivate traders to obtain BIN, install electronic cash register and pay VAT.
 
 
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