Including
- VAT-related fines and interest are reduced
- Existing VAT facilities are extended with necessary amendments
- The maximum age of qualifying ocean-going vessels eligible for VAT exemption is increased from 22 years to 25 years, and the time limit for selling such vessels is reduced from 5 years to 3 years
- Changes are made to provide that 15% VAT is chargeable on net commissions only to reduce the VAT burden on dealers and distributors of locally produced tiles and sanitary ware
- To lessen dependence on foreign goods, exemptions are introduced for the some sectors for manufacturing in Bangladesh
- Facilities are provided for the development of local mobile handset industries and IT sectors
- VAT exemptions are introduced to support the modernization of the agricultural sector and the reduction of production and marketing costs of agricultural machinery
- VAT and supplementary duty exemptions are provided to combat COVID-19 and ensure health service for the citizens of Bangladesh
Source Orbitax
Latest Posts in "Bangladesh"
- Government Grants VAT Exemption on Import of Large Sea-Going Vessels
- NBR Halts Manual VAT Audits to Prevent Corruption, Plans Automated System Implementation
- Understanding Tax Refund Limitations: Legal and Erroneous Payment Criteria Under the Tax Code
- Bangladesh Loses Tk 1.88 Trillion to VAT Evasion and Exemptions in FY23, Study Reveals
- Bangladesh Faces VAT Shortfall, Corruption, and Declining Tax-to-GDP Ratio, Urgent Reforms Needed
