Various VAT amendments suggested – to increase VAT collection

To ensure proper supervision of value added tax collection
activities and increase revenue collection, I propose the following
amendments to the relevant sections and rules;
a) At present the scope of zero-rated VAT is much wider for
international transport, which is causing practical problems at
the field level. So I propose to bring necessary amendments in
this regard;
b) I propose to insert a provision in the law that VAT officials
may request the concerned authorities to disconnect the
electricity, gas and water connection of the VAT defaulting
business entities;
c) I propose to bring the pending cases of the High Court under
Alternative Dispute Resolution in order to make the
Alternative Dispute Resolution (ADR) process more effective;
d) I propose to incorporate a provision to include “Cost and
Management Accountants” alongside “Chartered
Accountants” to assist in Alternative Dispute Resolution;
e) I propose to amend the law that no investigating agency can
conduct any further investigation in the matter settled through
Alternative Dispute Resolution (ADR);
f) At the time of audit, it becomes necessary to review the report
of the Credit Rating Agency alongside the annual audit report.
Therefore, I propose to incorporate a provision to include
“Credit Rating Agency” in the relevant section to help VAT
officers when necessary.

Source: gov.bd

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