NBR awards 9 highest VAT-paying firms

The National Board of Revenue today awarded nine firms for paying the highest amounts of value-added tax in 2020-21 fiscal year.

Finance Minister AHM Mustafa Kamal handed over the crests to the representatives of the firms at an event at the InterContinental Dhaka, in the capital.

The tax administrator is giving the awards to encourage businesses to properly deposit the indirect tax paid by the consumers to the state coffer.

In manufacturing sector, Olympic Industries, IBN SINA Pharmaceutical Industry Ltd and SMC Enterprise Limited won the awards.

In the services sector, Nagad, bKash and IFIC Bank won the awards.

In trading category, electronics giant Walton and supermarket chains Agora and Unimart won the awards.

There has been a continuous growth in revenue collection in the past two years despite the Covid-19 pandemic and the Russia-Ukraine war, NBR Chairman Abu Hena Md Rahmatul Muneem said at the event.

"Hopefully, this year too, the growing trend will continue."

All eligible taxpayers should be brought under the tax net, said Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

Traders' allegations of harassment against the VAT officials are not a pleasant thing, as it slows down business and hurt the government's revenue income, he said.

The NBR has been making public names of top VAT depositing entities in line with a policy framed in 2005 to encourage compliance among businesses.