- Bangladesh plans major VAT reforms, making VAT registration mandatory for nearly all businesses to expand the tax base and raise revenue.
- A BIN will be required to access key services such as bank accounts, loans, trade licences, mobile financial services, utility connections, and vehicle registration.
- The government expects at least 2 million more businesses to enter the VAT system, but business groups say the process should be fully digital and harassment-free.
- Sector changes include a possible Tk500-per-litre VAT on local foreign liquor, a fixed VAT on gold jewellery and diamonds, and lower duty on locally made cosmetics.
Source: daily-sun.com
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.
