Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Friday, October 19, 2018 08:29:41 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

No VAT on remittance, it's just a rumour: NBR

By Special Correspondent
14th-Jun-2018       
Comments
Share your thought
Post a comment »
Read all () »

The National Board of Revenue (NBR) on Wednesday categorically denied the rumour circulating a vested quarter in the social media sites regarding the imposition of VAT on inward remittance in the proposed
budget.
A statement issued by the NBR said that the government had neither taken such a decision nor was there any justification for imposition of value added tax (VAT) on remittance sends by expatriate Bangladeshis.
Remittance sent by the expatriates contributes to 12 per cent of Bangladesh's Gross Domestic Products (GDP).
"No VAT has been imposed on remittance in the proposed budget for 2018-19 fiscal year," read the NBR statement.
Brushing aside the rumour, the NBR said it is being spread out on social media that Value Added Tax (VAT) has been imposed on the remittance in the 2018-19 fiscal, which is completely 'false'.
When contacted, NBR chairman Mosharraf Hossain Bhuiyan said the government did not impose any tax or VAT on remittance.
"False information regarding tax or VAT on remittance is spreading through facebook and social media," he added.
Bhuiyan also urged all not to get confused with the false information as the government has no intention to impose any kind of tax on inward remittance.  
Expatriate Bangladeshis sent US$12,088.18 million remittance in the first 10 months of the outgoing fiscal 2017-18, which is 17.51 per cent higher than the amount received in the corresponding period of the previous fiscal.
The money sent by expatriate Bangladeshis had been hovering over US$14 billion annually since 2012-13 fiscal year. It crossed the US$15 billion mark in fiscal 2014-15.
The amount dropped 2.5 percent to a little below the $15 billion mark in 2015-16 and to a six-year low of US$12.77 billion in the last fiscal year.
Bangladesh receives the bulk of its remittances from six Middle-East countries -- Saudi Arabia, the United Arab Emirates, Qatar, Oman, Kuwait and Bahrain.

Tariff
Add Rate

News Archive

Inside The New Nation

Football »

Chairperson of the Women's Football Committee of Bangladesh Football Federation (BFF) Mahfuza Akter Kiron speaking at a press conference at the conference room in BFF House on Thursday.


Editorial »

Finally a big loan defaulter held: Others must be nabbed soon


AFTER letting many businessmen get away with loan defaults, the government has finally become stern towards loan default and loan scammers by arresting Chattogram-based SA Group's managing director. Also a director of Mercantile Bank, Sahabuddin Alam was arrested on Wednesday on at least five counts of loan irregularities. The irregularities ...

International »

US first lady`s plane lands safely after smoke filled cabin


Reuters, Philadelphia :U.S. President Donald Trump said his wife, first lady Melania Trump, was safe on Wednesday after a mechanical problem forced her airplane, which was headed for Philadelphia, to return to the Joint Base Andrews military facility in Maryland."They had a problem, but she's fine," Trump said in an ...

Entertainment »

Tale of a rock legend


Sheikh Arif Bulbon :Ayub Bachchu, mostly known as AB, is the legendary name in the history of Bangladeshi band music. He was born in Chattogram on August 16, 1962. With tremendous fan acceptance Ayub Bachchu is famous for his fabulous guitar playing. He has started his music career from his ...

City »

A view of the protest meeting organized by United Students Forum held at the Jatiya Press Club demanding release of BNP Chairperson Begum Khaleda Zia and stoppage of giving farcical judgement in fake cases against Tarek Rahman on Thursday. Among others, Senior leader Nazrul Islam Khan was present on the occasion.


Football »

Groeneveld scores as Netherlands draw 1-1 with Belgium


AP, Brussels :Arnaut Groeneveld celebrated his first start for the Netherlands by scoring a first-half equalizer Tuesday as the Dutch drew 1-1 with neighbor Belgium.The 21-year-old midfielder who plays for Belgium's Club Brugge rounded off a flowing Dutch move in the 27th minute, controlling the ball with his left foot ...

Football »

Brazil's Miranda silences Argentina with last-gasp winner


AFP, Jeddah :Brazil snatched a dramatic 1-0 win over Argentina with an injury-time header from Miranda in their friendly match in front of a sell-out crowd in Jeddah, Saudi Arabia on Tuesday.The Inter Milan centre-back was left all alone to thump in a 93rd-minute effort from Neymar's corner when the ...

Editorial »

EC failed to prove its neutrality


WHEN the country is facing a political uncertainty over the polls-time government coupled with the dissatisfactory role of the Election Commission, Chief Election Commissioner (CEC) KM Nurul Huda on Tuesday said the Election Commission will do everything necessary to hold free and fair elections. Its sound good but the hollowness ...

International »

Irish author Anna Burns wins 2018 Man Booker Prize


Reuters, London :"Milkman" by writer Anna Burns scooped the 2018 Man Booker Prize on Tuesday, with the Northern Irish writer winning the literary award for her third full-length novel.Set in an unnamed city during the bloody "Troubles" of Northern Ireland, the "Milkman" tells the coming-of-age story of a young girl's ...

City »

Bangladesh Federal Union of Journalists (BFUJ) leaders covering their months with blackclothes, demanding amendment of 9 Sections of the Digital Security Act as black law in front of Jatiya Press Club on Wednesday.


Entertainment »

Affri Selina in three films


Sheikh Arif Bulbon :Affri Selina is establishing her position in media slowly day by day. Earlier, she had interest to perform as a model in showbiz but later she became interested to acting. So, now she has full concentration to acting. Yesterday she took part in shooting of a music ...

Cricket »

ICC WC Trophy to arrive in Bangladesh today


ICC World Cup (WC) Trophy will arrive in Bangladesh today as part of its worldwide 'Trophy Tour' ahead of ICC Cricket World Cup 2019 scheduled to be held in England.The trophy will be visiting Bangladesh's three cities - Dhaka, Sylhet and Chattogram over five days period. It will be displayed ...

Sports »

In this photo provided by the OIS/IOC, Russia's Mariya Kochanova competes in the Women's High Jump at the Athletics Field during the Youth Olympic Games in Buenos Aires, Argentina on Monday.


International »

Maldives court rejects Yameen's secret witnesses


AFP, Colombo :The Maldives' top court rejected on Tuesday three "secret" witnesses offered by President Abdulla Yameen in his petition to have his September election defeat annulled, in what is likely a major blow to his case.The refusal came as the Supreme Court concluded its hearings, which also saw Yameen ...

Business & Economy »

Microsoft co-founder Paul Allen dies


AFP, San Francisco :Paul Allen, who founded Microsoft with Bill Gates in the 1970s and later went on to become an investor, philanthropist and sports team owner, died Monday after his latest battle with cancer at age 65."My brother was a remarkable individual on every level. While most knew Paul ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news