60pc VAT payers file returns through online
Published: 08:30 PM, 11 November 2020
At least 60 percent VAT (value added tax) payers are submitting their files through online, thanks to the National Board of Revenue (NBR) for making the process of submission easier and of international standard.
As per NBR, the number of online VAT return submissions has increased from 8,000 to 10,000 per month amid the Covid-19 pandemic.
In September, the number of return submissions stood at 6,146, which is about 60 percent of the total VAT payers.
The VAT administration expects that as the number of online return submissions increases, all VAT payers will be in the process of filing returns through online by the end of the current fiscal.
Project Director of the VAT Online project Kazi Mostafizur Rahman said that the online return submission has been increasing as the VAT return process has made easier.
He said the number of online return submissions in October last year was only 22,732, which stood at 68,146 in September this year.
Last July, the number was 50,300, he added.
At present, the number of VAT registered companies is 2.14 lakh. However, many of these organizations have multiple registrations.
Mostafizur Rahman said, “We will cancel the organizations which have more than one registration.”
He thought that about 30,000 registrations will be canceled.
He said that out of the registered organizations, one lakh organizations currently submit returns. Of which 66 thousand submitted through online, he added.
Cumilla and Jessore Commissionerates are ahead in the number of online return submissions. Ninety percent VAT payers of these two commissionerates are filing their returns online.