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Bangladesh: Online VAT Return from Jan |
| Source: |
thefinancialexpress-bd.com |
| Source Date: |
Saturday, December 11, 2010 |
| Focus: |
Electronic and Mobile Government, Institution and HR Management, Internet Governance
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| Country: |
Bangladesh |
| Created: |
Dec 13, 2010 |
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The government will introduce online registration and return submission system for Value Added Tax (VAT) early next year to ensure proper collection and reduce hassle in depositing the consumption tax, officials said.
The National Board of Revenue (NBR) chairman Dr. Nasiruddin Ahmed said his board has taken all preparation to introduce the system from mid-January.
Finance minister AMA Muhith is expected to inaugurate the system.
All businesses can obtain VAT registration through online from January, NBR first secretary VAT Dr Muhammad Shahidul Islam told the FE last week.
Officials said the new online method will make the VAT return submission transparent and encourage new businesses to be registered with the VAT department, he said.
Mr Islam, who is convener of online VAT registration and return submission committee, said initially, the system would be made available to 30 large companies that could submit online VAT return.
NBR is also planning to make online VAT return submission mandatory for large companies whose payment could exceed Tk 30 million.
Around 200 businesses will come under the mandatory return system gradually, he said.
Robi (Aktel), KFC (Transcom group), Minabazar, Confidence steel and other companies which are under large taxpayers unit (LTU) and Dhaka South will come under online return submission procedures, he said.
The VAT department will also recommend specific software for internal use of the companies to make their accounting system more transparent, he said.
According to the NBR statistics, a total of 0.7 million businesses and companies are registered with VAT department but less than 50,000 submit VAT returns every month.
VAT return is essential to assess the actual payment of VAT and crosscheck its sales.
The NBR has trained up officials of 30 big companies under its LTU on how to submit online the VAT return.
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Bangladesh: Online VAT Return from Jan The government will introduce online registration and return submission system for Value Added Tax VAT early next year to ensure proper collection and reduce hassle in depositing the consumption tax officials said
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