- Changes proposed in the VAT system of Bangladesh through the Finance Bill 2012 and Statutory Regulatory Orders
- Proposal to add a Sub-Section under Section 1 of the VAT Act 1991 requiring VAT-registered persons to submit their own accounting format to the local VAT office
- Previously, business records could be kept as per one’s own needs without submitting formats to the VAT office
- Proposal to amend Sub-Section 1 of Section 33 of the VAT Act 1991 to keep VAT records until disputes, investigations, or cases are resolved
- Records generally kept for six years, but pending cases require records to be preserved until resolved
- Extensive changes proposed in Section 37 of the VAT Act 1991, including new Sub-Sections
- Current Sub-Section 1 describes irregularities with fines ranging from Taka five thousand to twenty five thousand
- Current Sub-Section 2 addresses VAT evasion and goods seizure with specified fines
Source: today.thefinancialexpress.com.bd
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.
