Dhaka VAT Commissionerate earns TK 3,678cr revenue

DHAKA, March 31, 2018 (BSS) – Customs, Excise and VAT Commissionerate, Dhaka (South) has generated a record-breaking revenue of Taka 3,678 crore in the first eight months (Jul-Feb) of fiscal 2017-18.

The revenue is 28 percent higher compared to the same period of the previous fiscal. In fiscal 2016-17, the revenue earning by the commissionerate was Taka 2,870 crore.

Talking to BSS, Customs, Excise and VAT Commissionerate, Dhaka (South) commissioner Kazi Mostafizur Rahman said: “Collection of unpaid revenue from some firms along with incorporation of a few new sectors with our commissionerate has pushed the earning to a satisfactory level.”

Regular visit and audit is also playing an effective role to void tax dodging, he added.

On the other hand, the commissionerate has been able to attain high growth in generating revenue by 25 percent in February as a single month. In the month, the Large Taxpayers Unit (LTU) earned Taka 436 crore which was Taka 350 crore in February of the previous fiscal.

In the current fiscal, the commissionerate has set a goal to collect revenue of Taka 6,419 crore.

The commissioner said many small firms, which are eligible for paying tax, are still remain out of tax net, but initiative has been taken to bring those under the system.

Mentioning that a total of 2,000 such firms have already been brought into the tax net, Mostafizur vowed to strengthen their endeavors to expand tax net for more revenue.

He said they have also reinforced monitoring system to collect tax from those organizations which are not paying tax in different sectors although they are suppose to pay it.