June 18, 2021

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Proposal to reduce VAT evasion fines

Violation of VAT will increase the penalty as a penalty, that is the common idea. However, the finance minister does not want to have confidence in it. He said the fines would be double, not equal. Only time will tell how the taxpayer will react.

Finance Minister AHM Mustafa Kamal is presenting the budget for the fiscal year 2021-22 on Thursday.

In his budget speech, the finance minister said, “If the provisions of punishment and fines are made too strict in the law, in many cases it creates practical complications and disrupts normal business activities.” That is why I am proposing to reduce the penalty and interest rate in the Value Added Tax and Supplementary Duty Act, 2012. ‘

For this, the Finance Minister has proposed to increase the amount of fines imposed in case of VAT evasion, failure or irregularity to ‘equal’ instead of ‘double’ of the revenue involved. Besides, he has proposed to increase the monthly interest rate on arrears of VAT to ‘1 per cent instead of 2 per cent’. In this case, the annual interest rate will be fixed at 12 percent instead of 24 percent, the finance minister said.

A man was injured in an attack at Razzakpur village in Noakhali’s Begumganj upazila. His name is Fazlul Karim (34). He died at a hospital in Noakhali around 8.30pm on Wednesday. Begumganj police recovered his body at around 10pm last night.

According to police and local sources, Fazlul Karim went fishing near his house around 9 pm on Tuesday. He was stabbed and beaten by his cousins ​​over a previous dispute. Family members admitted Fazlul to Begumganj Upazila Health Complex and later to Noakhali General Hospital. He was shifted to a private hospital in Noakhali yesterday afternoon for better treatment. He died while undergoing treatment there.

Begumganj police sub-inspector (SI) said. Shahedul Islam confirmed the news. He said the inquest found Fazlul Karim with sharp weapons in both hands and injuries to his legs. The body was sent to the morgue of Noakhali General Hospital for autopsy on Thursday.

Officer-in-charge (OC) of Begumganj Police Station Muhammad Kamruzzaman Sikder said a case would be filed in the police station over the incident. However, no one has been arrested yet.