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Monday May 12, 10:28 AM
Bangladesh Revenue Board Monitoring Ad Firms Over Tax EvasionDHAKA, May 12 Asia Pulse - Advertisement firms are now under strict surveillance by the Central Intelligence Cell (CIC) of National Board of Revenue (NBR) amid allegations of VAT evasion. "We've got allegations against the advertising firms including some very famous ones. We're now collecting papers in support of the allegations as we have ascertained VAT evasions by some advertisement firms," a CIC official told UNB.
"We didnt pa'y attention (earlier) to this sector. Now that were looking seriously, we found cases of massive evasion," the NBR official said. Replying to a question, he said it is not merely a matter of the amount of money, it is the matter of responsibility and sincerity to the nation and the country. He said any VAT evasion by the advertisement firms would not be spared and the NBR would impose penalty as per the revenue rules and regulations. The NBR recently streamlined the drive to catch VAT dodgers as the revenue collecting agency found downtrend in the collection of VAT. On fines for the VAT dodgers, a VAT official said that as per rules, the fine would be 25-75 percent of the amount of VAT depending on the nature of offense. The VAT section of the NBR is experiencing less collection as most of the big VAT-payers have now come under the Large Taxpayers Unit (LTU). "Recently, we have found that the VAT collection from the service sector is declining alarmingly and thats why we have decided to strengthen the drive," the NBR official said. The government has fixed a revenue target of around Tk 15,000 crore (US$2,189,8 million) from the VAT sector for the current fiscal year ending June 30. (UNB)
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