NBR created VAT complications at the retail level

Leaders of the Bangladesh Shop Owners Association have alleged that the National Board of Revenue (NBR) is complicating the collection of VAT or value added tax at the retail level.

They made the allegation at a press conference in the capital on Tuesday (June 21st). The president of the organization. Helal Uddin and Secretary General. Zahirul Haque Bhuiyan and other leaders were present.

The shop owners’ association has requested to maintain VAT at source at the rate of 5 percent at the retail level to resolve the complexity. As a result, they claim that small traders can easily conduct business at this time in Corona. For this, the organization has sought the cooperation of the Prime Minister.

The leaders said, “We, as small traders, have decided that this time we will collect VAT at the retail level and deposit it in the government treasury.” But the NBR created complications in collecting VAT at the retail level. In the last two years, the company has not installed Electronic Fiscal Device (EFD) machines as per the demand of traders. On the other hand, the harassment of traders did not stop.

The written statement was made by the shop owners’ association – the VAT Act came into force in 2012 and came into force in 2019. Earlier, the Prime Minister’s direct intervention for small traders was exempted from VAT up to an annual turnover limit of Rs 50 lakh. The law was later passed in Parliament. At present, in many cases, the NBR is forcibly registering the shop owner without informing the owner. The law stipulates that registered shops will be fined Tk 10,000 if they do not submit their returns within 15 days. The NBR has already registered 350,000 shops and establishments. Of these, 3 lakh shops and establishments do not know that they have been brought under registration.

Sunbd/NJ