Home > United Nations Online Network in Public Administration and Finance (UNPAN)
1. Global
2. Africa
3. Arab States
Arab States
4. Asia & Pacific
Asia & Pacific
5. Europe
6. Latin America & Caribbean
Latin America & Caribbean
7. North America
North America
UNPAN Asia & Pacific

Public Administration News  
Bangladesh: Online VAT Return from Jan
Source: thefinancialexpress-bd.com
Source Date: Saturday, December 11, 2010
Focus: Electronic and Mobile Government
Country: Bangladesh
Created: Dec 13, 2010

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.
News Home

 Tag This
 Tell A Friend
del.icio.us digg this Slashdot
0 ratings
Views: 1931

Comments: 0 Favorited: 0 Bookmarked: 0 Tagged: 0

0 Comments | Login to add comment

Site map | FAQs | Terms and Privacy | Contact Us
Copyright 2018 by UNPAN - United Nations Public Administration Network