Banks to submit monthly VAT info of non-resident taxpayers

Summary:

In line with the decision of the NBR, the central bank has issued a notification to the scheduled banks to send the statements of Value-added Tax through the bank’s head offices within seven days of the following months.

Content: 

As per the current mandatory requirement for any business operating in Bangladesh, the nonresidential companies will have to pay 15% Vat on the revenue that they derive from Bangladesh. Several non-residential companies like Amazon and the largest tech giant Google had already obtained their Business Identification Number (BIN) from the NBR.

In a circular published on Wednesday, the central bank has asked the authorized banks to provide the Vat statements to NBR and Vat agents of these non-resident business entities like Google, Facebook, Amazon to the NBR. These statements are to be paid within the seven working days of this month.

This instruction was based on the National Board Revenue’s 24 June decision.

Source:  Financial Express,  The Business Standard

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