CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. VAT Key To Boosting Bangladeshi Tax Revenues

VAT Key To Boosting Bangladeshi Tax Revenues

by Mary Swire, Tax-News.com, Hong Kong

07 July 2014


The International Monetary Fund (IMF) has said that further efforts are needed in Bangladesh to raise on a permanent basis the ratio of tax to gross domestic product (GDP), with particular importance placed on the introduction of a value-added tax (VAT).

Bangladesh's tax-to-GDP ratio is very low, even when compared to other low-income countries, and should be raised in order to create fiscal space for increased priority spending, the IMF said.

The government should focus on implementing the new VAT and strengthening revenue administration, the Fund said in its 2014 Article IV consultation report with the country.

The report noted that VAT implementation has proceeded apace, with support from the Fund and other donors. The immediate priorities are now to move ahead expeditiously with the selection of a VAT software provider and with the tendering process for an external management consultancy for the implementation of the VAT project, the IMF said.

The Bangladeshi authorities were urged by the IMF to press ahead with further automation of tax administration, including the roll-out of online taxpayer registration, and to increase staffing levels and training at the National Board of Revenue (NBR). In addition, NBR should be held more directly accountable for tax revenue performance, the report recommended.

TAGS: tax | value added tax (VAT) | training | gross domestic product (GDP) | International Monetary Fund (IMF) | Bangladesh

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »