Tk 20,000cr stuck in VAT related cases
Over Tk 20,000 crore has been stuck in court cases related to non payment of Value Added Tax (VAT) which is the biggest revenue source among three wings of the National Board of Revenue (NBR).
Revenue authority has brought up the matter before the Finance Minister AHM Mustafa Kamal in a recent meeting at the Economic Relation Division (ERD) in the capital.
According to the report 8,842 VAT related cases remain pending in five courts where Tk 20,495.20 crore revenue has been stuck.
Among the courts 38 cases are pending at appeal Commissionerate involving Tk 12.62 crore. In appellate Tribunal Tk 1,584.75 crore against some 305 cases.
Tk 2731.19 crore is pending in Appellate Division against 134 cases and Tk 155.10 crore pending in certificate cases in 3,904 cases.
A big amount of Tk 16,011.64 crore remain stuck in 3,342 pending cases in High Court Division.
In the meeting, the NBR officials told the Finance Minister that they have been taken several initiatives to dispose long pending cases related to VAT aiming at expediting the collection of revenue.
"Several initiatives have been taken for fetching huge revenue through settling the revenue-related pending cases with different courts and the ADR system," said an official of the NBR on Wednesday.
"As part of this initiative, separate focal point officials have been appointed for each of the VAT offices and strengthened monitoring for this purpose," he said.
For the current fiscal year 2018-19, the government has set a total revenue target - tax and non-tax revenues - at Tk 339,280 crore. Of this amount, the NBR has been tasked to collect Tk 296,201crore. Income tax and other direct taxes will contribute Tk 102,201 crore, import and export tax will contribute Tk 32,589 crore, VAT Tk 110,543 crore, supplementary duty Tk 48,766, excise duty Tk 2,091 and turnover tax Tk 11 crore.