- Bangladesh’s NBR will make online VAT return filing mandatory for 11 major sectors under an amended Section 64 of the VAT law, via an upcoming gazette.
- Covered manufacturing sectors include cigarettes, mobile phones, MS products, medicines, beverages, cement, tiles, and paint and varnish; covered service sectors include banks, insurance companies, NBFIs, and mobile financial service providers.
- VAT-registered businesses under the order must file online for all relevant businesses/services; prior orders and circulars on mandatory online filing will be invalidated.
- The NBR plans to expand mandatory e-filing gradually to all VAT-paying businesses and retains power to add or remove sectors from the mandatory list.
- The move is intended to cut compliance time and cost and reduce physical visits, with online filing already used by some large corporates.
Source: 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.
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