Wednesday, August 5, 2020 | ePaper

Legal action if turnover certificate not hung at business firms

  • Print
Economic Reporter :
The National Board of Revenue (NBR) has directed the VAT administration at the field level to take legal actions against those registered business firms which do not hang turnover tax certificates in their own firms.
According to the Value Added Tax (VAT) and Supplementary Duty Act, 2012, the registered business firms would have to hang turnover tax certificates in their own business establishments so that those could be easily sighted.
But, many of the business houses are not complying with the directive, said the NBR officials.
Under the circumstances, the revenue board issued directives to the field-level administration to take legal actions against those errant business firms on urgent basis.
Issuing such directives, the NBR has asked each commissionerate to apprise the revenue board by July 16 about the latest implementation status of its directives in this regard.
Talking to the reporter, NBR member (VAT Implementation and IT) M Jamal Hossain said, "We had also given directives earlier to implement this provision of the VAT Act to check TAX evasion and also motivate the real VAT payers. But, many people are not complying with this directive. For this, We've asked the field-level officials to be tough in this regard through giving directives again," he added.
He said the respective commissioners have been asked to take legal actions against the non-complying business institutions as well as conducting survey in each circle in this regard to identify those who are not complying with this directive.
Besides, the concerned officials have been asked to publicize this directive in various media so that the VAT payers feel motivated to pay tax.
Jamal informed that the concerned NBR officials would now make sudden visits to any of the commissionerate to oversee the implementation of this directive.

More News For this Category

Mamoon Mahmood Shah, Managing Director & CEO (Current Charge) of NRB Bank Limited, cutting cake to celebrate the bank's 7th Anniversary with the slogan 'Marching Towards Success & Sustainability' at its Corporate Head Office in the capital on Tuesday. Md Khurshed Alam, Deputy Managing Director, was also present.

Mamoon Mahmood Shah, Managing Director & CEO (Current Charge) of NRB Bank Limited, cutting cake to celebrate the bank's 7th Anniversary with the slogan 'Marching Towards Success & Sustainability' at its Corporate Head Office in the capital on Tuesday. Md Khurshed Alam, Deputy Managing Director, was also present.

Govt eyes global market for jute goods

Economic Reporter :The government is working to diversify the use of jute and boost its production by taking effective steps to reform the sector eyeing global market, said Textiles and

ADB's COVID-19 response reaches $9.3b in last six months

Economic Reporter :The Asian Development Bank (ADB) committed $9.3 billion in financial resources in the last six months since early February when ADB started its initial response to support its

Export earning notches 0.59pc growth in July

Economic Reporter :The country's export earnings witnessed a 0.59 percent growth in July this year compared to July 2019 despite the impacts of the novel coronavirus (COVID-19) pandemic.According to a

Japan hopes to continue work to develop economic tie with BD

Economic Reporter :The Ambassador of Japan to Bangladesh Ito Naoki hoped to continue work closely for developing economic partnership between Japan and Bangladesh which will encourage more Japanese investment in

Bourses sustain gaining steak

Economic Reporter :Stocks on Tuesday sustained the gaining streak for the eighth consecutive sessions as investors continued their buying binge on selective large-cap issues after unveiling an expansionary monetary policy.DSEX,

Ispahani Group sponsored 10 oxygen Cylinders and N95 masks for the Rangunia Health Complex in Chattogram. Dr Hasan Mahmud, Information Minister, Omar Hannan, General Manager (Marketing) and Shah Moinuddin Hasan, General Manager (Tea Trade) of Ispahani Group, among others, were present.

Ispahani Group sponsored 10 oxygen Cylinders and N95 masks for the Rangunia Health Complex in Chattogram. Dr Hasan Mahmud, Information Minister, Omar Hannan, General Manager (Marketing) and Shah Moinuddin Hasan, General Manager (Tea Trade) of Ispahani Group, among others, were present.

BEZA, Yabang Group ink land lease agreement

BEZA, Yabang Group ink land lease agreement

Economic Reporter :Bangladesh Economic Zones Authority (BEZA) on Tuesday inked a land lease agreement with Jiangsu Yabang Dyestuff, China, a concern of the Yabang Investment Holdings Group Co Limited, at

MICL recommended 7pc cash dividend

Business Desk :Mercantile Insurance Company Ltd (MICL) organized its 188th Board of Directors meeting virtually by using digital platform recently. The meeting was presided over by M Kamal Uddin, Chairman

Asian markets track Wall St surge, focus turns to Capitol Hill

AFP, Hong Kong :Asian stocks advanced Tuesday following another record close on Wall Street, with investors cheered by forecast-beating US data and hopes for fresh stimulus for the world's top