VAT

The revenue authority plans to buy a total of 300,000 sales monitoring devices this fiscal year to bring all shops under an online network and cut the scope for VAT evasion.  The government already gave approval to purchase 100,000 such electronic fiscal devices (EFDs) for Tk 316 crore...

An announcement from the National Board of Revenue regarding the filing of value-added tax returns have thrown businesses into trouble. The sudden move announced on April 10, came as a surprise to many businesses who have kept their offices and activities shut since the government declared general...

Businesses are facing difficulties to submit their VAT returns online following repeated complexities and cumbersome procedures. A number of large businesses have already lodged complaints with the VAT authority, as they failed to submit their returns online. However, the National Board of Revenue (NBR) is charging Tk...

The country's apex trade body -- Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) -- today demanded an investigation into the "failure in widening the tax net by the NBR, although several hundred crore of taka was spent as consultancy fee for introducing the multiple VAT...

Platforms of internet giant like Facebook, Google and You Tube are being brought under VAT law with effect from July 1. To impose tax on advertisement given in these platforms the government has taken the initiatives. Concerned said, as a result such types...

The Economic Relations Division (ERD) has found poor implementation of the Disbursement Linked Results (DLR) on major components of the VAT Online Project (VOP) that may affect getting its remaining fund from the World Bank (WB). Some 50 per cent or US$ 30 million of the WB's...

China said yesterday it will impose retaliatory tariffs against about $75bn worth of US goods, putting as much as an extra 10% on top of existing rates in the dispute between the world’s top two economies. The latest salvo from China comes after the United States unveiled...

State Minister for Industries Kamal Ahmed Majumder today said that steps would be taken to keep same the value added tax (VAT) system at the import and production levels of the products of light engineering industries. Like the readymade garment (RMG) sector, providing all kinds of necessary...

The National Board of Revenue has decided to provide manual business identification number (BIN) to global technology giants, including Google, Facebook and Youtube, as its online system is yet to be ready to issue e-BIN to foreign entities without any office in Bangladesh. The decision came after...

Facebook is likely to appoint a VAT agent to ensure payment of value-added tax from their advertisement earnings from Bangladesh market. “We have talked to the government. The company will abide by all the existing laws of the country, Faceboo’s Public Policy Director in India and South...