National Board of Revenue has achieved a 26 per cent growth in new VAT registrations over the past six months, from August 2024 to January 2025, according to a press statement by the NBR.
To keep the national economy on track, the government has implemented several positive initiatives, emphasising the expansion of the VAT net. As a result, through targeted field-level strategies, the NBR increased new VAT registrations by 26 per cent between August 2024 and January 2025 compared to the same period of the past financial year.
In August 2023, the number of VAT registrations stood at 5,644, but in August 2024, it dropped to 4,228, marking a 25 per cent decline.
As per the Value Added Tax and Supplementary Duty Act, 2012, the NBR has taken its expansion strategy initiatives to expand the scope of VAT and include new VAT payers in the VAT net.聽聽
The NBR has lowered the VAT-eligible annual turnover threshold from Tk 3 crore to Tk 50 lakh. Annual turnover of up to Tk 30 lakh remains exempted from VAT and that of up to Tk 50 lakh falls under the turnover tax system.
