- E-payment will be mandatory for depositing VAT of Tk 10 lakh and above in Bangladesh.
- Previously, firms had to deposit net VAT of Tk 50 lakh or higher through e-payment.
- The number of VAT registered entities with high turnover is currently a few hundred.
- The National Board of Revenue (NBR) expects an increased number of firms to come under e-payment.
- The NBR is working to develop a modern online-based VAT system in the country.
- E-payment will allow businesses to settle VAT deposits faster and prevent forgery.
- The NBR is encouraging e-payment for VAT deposits.
- The decision has been welcomed by the president of the Bangladesh Shop Owners Association.
- Bangladesh has 4.60 VAT registered entities, and VAT is the biggest source of revenue for the NBR.
- In fiscal year 2022-23, the indirect tax accounted for 39 percent of the total tax revenue.
Source: thedailystar.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
