The National Board of Revenue (NBR) has accomplished 26 percent growth in providing VAT registrations over the last six months.
As per the Value Added Tax (VAT) and Supplementary Duty Act, reads an NBR press statement issued on 11 February, the present Chairman of the NBR has taken several exceptional initiatives, including new VAT payers in the VAT, besides broadening it.
Having a negative growth of 25% as the effect of July-August, it said in August 2024 the number of VAT registrations was 4,228, which was 5,644 in August 2023.
Yet, in the next six months, from August 2024 to January 2025, the new NBR administration took a number of preventive steps to detect the new VAT payers for which the number of VAT registrations was accelerated.
In a bid to increase the VAT registration, the NBR has already decreased the ceiling for every year of VAT from Tk 3 crore to Tk 50 lakh, the press said, and that turnover up to Tk 30 lakh has recognized VAT-free.
Source: The Business Standard
