VAT, Tax and Customs Transactions
Rahman’s Chambers has a long-standing practice of more than a decade of experiences of assisting clients in taxation matters. Mr. Rahman began his journey by advising Grameen Danone Foods Ltd in 2008. Since then the firm not only advised clients on specific tax issues but also conducted due diligence report before setting up a business and also regularly advises clients on a day to day issues. The Chambers Taxes and Financial Department mostly composed of lawyers who are experienced in dealing with all types of taxation matters and customs issues. Chambers and Partners Asia Pacific 2021 rankedus for Corporate and Finance which includes taxation and finance transactions & projects related legal works and reviewed: “It is a highly efficient team which always offers timely support.”
“…they are very quick to come back to us with solutions and have been very helpful in giving advice on local laws, regulations and requirements.”
– Chambers & Partners, 2021
“Additionally has a recognized practice in such areas as business formation, projectsand energy, real estate and employment matters.”
– Chambers & Partners, 2020
Rahman’s Chambers has been ranked for Corporate & Finance.
“Offers further capabilities in international trade, commercial litigation and project finance”
– Chambers & Partners, 2019
“Their response times are excellentand they make you feel generally very well informed…”
– Chambers & Partners, 2018
Interview of Mr. Mohammed Forrukh Rahman on matters pertaining to Corporate Taxation and Filing Annual Tax Returns Online in Bangladesh
Rahman’s Chambers whom we have contacted in 2007 seeking assistance for disputes arising with the National Board of Revenue (NBR) Income Tax office, involving rejection of trading account and imposition of estimated profit based on assumption… successfully handled the income tax reference case pending in the High Court and also successfully argued before the Court the legality of such assumptions and rejection of the trading account and its expenditures upon remand. Finally the tribunal, once recommended from the High Court upon perusal of relevant receipts, vouchers, verifiable transactions, passed favorable judgment in our favor…
For full recommendation click here.
Our Completed Experiences are:
- We have advised Phillips Lighting Bangladesh Ltd. on advanced ruling on HS Codes in Bangladesh.
- In 2018 we have successfully advised OOCL Bangladesh on customs regulation and power of Bangladesh Customs Authority.
- In 2018 we have advised and provided Legal Opinion to a multinational company regarding the applicability of Bangladeshi laws involving Customs and VAT, Tax on the donation of bi-products.
- In 2018 we have successfully advised a major South Korean Construction company and provided due diligence report on applicable customs duty, supplementary duty, advance trade VAT, advance income tax on several types of equipment’s, i.e. bulldozers, generators, pile drivers and extractors etc.
- We have conducted due diligence over VAT, Tax, Customs duties for Sojitz Machinery Corporation, a sogo shosha (General Trading Companies) based in Tokyo, Japan regarding the import of Gantry Crane for Chittagong Port authority.
- We have successfully advised NEPC 3 on customs matter involving conversation of temporary import into permanent imports.
- We have also successfully assisted several corporate and individual clients in Tax & VAT Assessment and Filling of return.
Practice Guide – Taxes & Finance
VAT, Tax and Customs related legal support is high in demand in Bangladesh. Particularly for companies, new investors & entrepreneurs knowing the different formalities involving taxation is a big challenge because of its complexity. In particular with income tax, different statutory requirements for e.g. advance tax on income, deduction of tax at source, tax exemptions, tax rebate, procedures for filing annual tax returns along with its assessments, etc and their correlation which may be found difficult without proper knowledge. On the other hand, entirely new regulations are applicable to VAT. Understanding ATV (advance trade VAT), VAT rebate/input at different stages of trade, obligations of consumers, supplier, service provider and different MUSAK filing along with the filing of monthly returns is equally complex. Finally, rules and regulations applicable for various Custom duties, supplementary duties, regulatory duties and its relations with HS code and product valuation is a complex area of law that requires sound knowledge to deal with the issue efficiently. In case of any disputes, legal support is often required for challenging any claim, issues, Order before the Higher Authority or Tribunal which may even go up to the High Court & Appellate Division.
Our Related Clients
- OOCL Bangladesh
- G.A.B Limited
- Grameen Danone Foods Ltd
- VVD, India
- Rehmania International Pvt. Ltd
- Gaps Bangla Ltd.
- Bangladesh Equipment and Mineral Company Ltd
- NEPC 1 & 3, China
- Sojitz Machineries Corporation, Japan
- Philips Lighting Bangladesh Limited
- Several investors and individuals clients
Related Resources - Library
The value of law reports in the legal profession cannot be overemphasized. They can be regarded as the life-wire of the legal profession. We have a rich library with a mixture of printed and online legal databases. We have printed version of All England Commercial Cases, Indian Digest of Supreme Court cases, Yearbook Commercial Arbitration of Wolter Kluwer and most law reports of Bangladesh. We subscribe to the online legal database Manuputra providing access to most reputed law reports. Read more
Our Reported Cases
- Grameen Danone Foods Ltd Vs. Commissioner of Taxes 6 CLR (HCD) (2018) 25.