Trading of 25 fruit importers was halted yesterday after Benapole Customs House authorities suspended their licenses for not paying Tk 10 crore in outstanding revenue.

Revenue collection rose 20 per cent year-on-year to Tk 259,867 crore in 2020-21 fiscal year thanks to increased import duty, value-added tax (VAT) and income tax receipts.

Chattogram Custom House authority today seized 50 tonnes of fabrics worth Tk 20 crore reportedly imported forging fake seal and signature of Dhaka Customs Bond Commissionerate.

US Treasury Secretary Janet Yellen said on Saturday that she would work to try to address the concerns of holdout countries that have not signed onto a global corporate tax deal, but added that it wasn’t necessary for all nations to adopt it.

The government should develop a progressive tax system that ensures the efficient redistribution and use of resources to address inequality in the country, according to speakers at a webinar.

Every year, the last week of November sees a mad rush of individual taxpayers at the tax offices and tax fairs. The reason is obvious: the final deadline to file annual income, expenditure and wealth statements without penalty is November 30, termed as Tax Day.

Bangladesh Cold Storage Association (BCSA) has demanded that the government reduce for the industry’s income tax from 35 per cent to 10 per cent in the national budget for 2021-2022.

Customs houses at ports and field offices for value-added tax will remain open during the seven-day countrywide complete lockdown starting from Monday.

Shopowners today stressed the need for collecting value-added tax (VAT) at source until the government completes installing cash register machines in all kinds of stores.

Entrepreneurs might not be interested in setting up large hospitals outside of Dhaka, Chattogram, Narayanganj, and Gazipur despite a 10-year tax break.

Social media giant Facebook today got Value Added Tax (VAT) registration from the National Board of Revenue (NBR) after two years of stalemate.

Although the government said that it would reduce the taxes levied on the import of raw materials used to make cement, this initiative will not have a satisfactory impact as prices would remain the same at the consumer level, according to market players.

Despite a 2.5 percentage point corporate tax reduction, listed and non-listed companies might end up paying more tax than that last year because of a new plan to increase the tax deducted at source (TDS), said the ICAB yesterday.

The government will likely offer a 10-year full tax exemption in order to encourage private investors to establish hospitals outside of four districts, including Dhaka and Chattogram.

Women entrepreneurs may receive a relief in tax payment on their incomes from businesses in the coming fiscal year, said an official of the finance ministry.

The National Board of Revenue will keep its tax offices open during the ongoing countrywide restrictions on movement.

In the Addis Ababa Action Agenda 2015, which aims to provide a global framework for financing the Sustainable Development Goals, countries committed to enhancing revenue administration through modernised, progressive tax systems, improved tax policy, and more efficient tax collection.

The government may keep its tax collection target unchanged for the National Board of Revenue in the next fiscal year because of the devastating effect of the coronavirus pandemic on the economy.

Tax collection increased in March thanks to improvement in receipts from import duty and value added tax (VAT), showed provisional data from the National Board of Revenue (NBR).

Nihad Kabir, president of the Metropolitan Chamber of Commerce and Industry, said: “If we want to bring FDI, we have to cooperate with the Bida and the country’s businessmen. That way, both sides will be able to identify weaknesses to attract FDIs.”