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Non-resident companies face hurdles in VAT return submission

Several non-resident companies could not submit their VAT returns in Bangladesh on time because of the complexities involving VAT law compliance, officials said.

According to the VAT and Supplementary Duty Act-2012, all the VAT-registered companies or Business Identification Number (BIN) holders have to submit VAT returns by the 15th of every month.

A key problem seems to be that non-resident businesses don’t always have a local bank account. And when making payments from abroad, banks in Bangladesh automatically withhold 15% ‘VAT at source’ on all payments received, thus resulting in double taxation.

Source: The Financial Express

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