Bangladesh to introduce online VAT return from January

Dhaka, Bangladesh (BBN)– The government is going to introduce online registration and return submission system for Value Added Tax (VAT) early 2011 to ensure proper collection and reduce hassle in depositing the indirect tax, officials said.

All businesses can obtain VAT registration through online from January 2011, NBR officials said, adding that the new online method will make the VAT return submission transparent and encourage new businesses to be registered with the VAT department.

The NBR is also planning to make online VAT return submission mandatory for large companies whose payment could exceed BDT 30 million.

Around 200 businesses will come under the mandatory return system gradually, they confirmed.

A total of 0.7 million businesses and companies are registered with VAT department but less than 50,000 submit VAT returns every month, the NBR data showed.

BBN/SI/AD-12Dec10-12:54 am (BST) 

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