Bangladesh, July 18 -- The National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan said most of the businesses are claiming their annual turnover to be lower than Tk 30 million to evade payment of value added tax (VAT) at regular rates.
The businesses having an annual turnover below Tk 30 million are entitled to enjoy a reduced rate of VAT at 4.0 per cent, known as turnover VAT, instead of paying VAT on their actual sales of goods and services.
Mr Bhuiyan said the NBR has asked its field-level officials to remain aware of such VAT-evaders to keep revenue collection flow uninterrupted.
The NBR chief also stressed the need for speeding up installation of Electronic Fiscal Device (EFD) to check such VAT evasion.
He made these...