VAT Lawyer In Bangladesh
VAT is the single largest source of tax revenue in Bangladesh. The government of BD introduced VAT on 10 July 1991. Since then, the government of Bangladesh has enacted essential laws and regulations for effectively mobilizing revenue from time to time.
Value Added Tax (VAT) is a general percentage-based tax that applies to goods and services at each stage of the production and circulation chain.
However, as a leading law firm in Bangladesh, we, the Legal Advice BD, have come with experienced lawyers and VAT expert. Our lawyers have proven expertise in VAT management and representing resident and non-resident entities in all matters relating to VAT in business transactions.
VAT Laws In Bangladesh
In Bangladesh, VAT has become the largest source of government revenue. For better understanding for you, we can say that VAT is an example of indirect tax paid by the consumer whether the business is outside BD or not.
VAT is imposed on the added value that results from each exchange. In the local language of Bengala, VAT is called Musok-Mullo songzojon kor. In Bangladesh, the highest amount of tax comes from VAT, which is nearly 35 % of the total revenue.
The uniform rate of VAT is 15 percent, which applies to all products, services, and supplies under the First Schedule of the law. Some exceptions on goods and services are waived under the provisions of the laws.
The rate is zero for any goods or services exported or deemed to be exported from Bangladesh.
The National Board of Revenue (NBR) of the Ministry of Finance of the Government of Bangladesh is the administrative authority to execute the rules and regulations relating to VAT.
Who Have To Pay The Value-Added Tax
VAT, as a consumer tax, involving the customer at every stage of sale, shall be paid to the government. Whether a person or an entity is liable to pay the VAT is determined by the provisions of the law. According to section 3(3) of the Value Added Tax Act, 1991, VAT shall be paid by
- In the case of imported goods, the importer.
- In the case of goods manufactured in BD, the supplier.
- In the case of service, the service provider.
- If the service is provided from outside Bangladesh, the service receiver.
- In other cases, the supplier and the receiver of service.
- The liability of paying VAT falls to the consumer.
The Rules And RegulationsFor Paying VAT In Bangladesh
To run a business or a company, the person should maintain the Tax and VAT laws of the country. It is essential to know how the VAT system works in Bangladesh.
VAT is a taxation system that is imposed on goods and services at the import stage, manufacturing, wholesale, and retail levels to ensure compliance with the laws and regulations, and to avoid penalties. Under the VAT laws and regulations, some procedures need to be followed for paying VAT while running a business in Bangladesh.
By paying VAT, the VAT payer can contribute to the revenue and be able to run a business or a production smoothly without any interruption. To comply with the rules and regulations, these procedures need to be taken by the VAT payer:-
Registration
Importers, exporters, or suppliers to run their business shall apply for enlistment and registration for VAT to the concerned authority.
The Threshold for Paying VAT
The threshold for registration under the new VAT procedure is Taka eight million/ 80 lakhs. The enlistment threshold is Taka three million/ 30 lakhs.
BIN Number
Upon registration, the applicant will obtain a VAT registration certificate and then will have a nine-digit number as a Business Identification Number called a BIN number.
Procedure of Paying VAT
The VAT payer maintains and keeps his accounts and documents relating to VAT for assessing and paying the duty and tax.
VAT Returns
Finally and most importantly, VAT returns are to be submitted on a monthly/ quarterly/half-yearly basis as notified by the Government.
Why Should You Choose Us As AVAT Lawer In Bangladesh
Our firm Legal Advice BD, is one of the specialized law firms in Bangladesh, always being ready to provide the best and appropriate guidance to our clients for their utmost benefits. Here are some of our specialities:
Skilled Professionals and Lawyers
To receive the best service from the top VAT lawyers in Bangladesh for business transactions, registration, and submission of VAT returns, Legal Advice BD should be a great choice. Our firm consists of expert VAT lawyers and skilled professionals in business administration.
We Represent as a VAT Agent
Since the inauguration of our firm, we have been dealing with many clients and as a VAT agent for representing non-resident clients in Bangladesh.
Provides VAT Sersive t e-commerce Business
VAT is compulsory upon the seller (with some exceptions) and the importer and for the e-commerce business, the online sellers are responsible for providing VAT Challan on every digital sale using their site.
Registration and Obtaining BIN Number
Our services in the case of VAT begin with the registration process and the obtaining BIN number, the submission of VAT Returns, and so on.
Proper Guidelines for Maintaining Accounts
With the guidelines of our skilled professionals, we give support and proper instruction to the clients for managing their accounts and calculating and assessing the value of manufactured/ imported products.
Representing Clients
Also, we have the Tax lawyers specialized in VAT and are enrolled at the Bangladesh BAR Council to practice and represent clients before administrative bodies and judicial authorities. Our professionals are qualified to represent VAT agents/attorneys for non-residents.
Our other ServicesRelating to VAT
Apart from these above-mentioned services, we, Legal Advice BD also extends services for our customers to submit and prepare VAT documents. Like-
Obtaining VAT exemption.
Claiming a refund of excess VAT or SD paid.
Turnover tax returns
Our objective is to satisfy our clients by providing the best quality of services from our expert and experienced group of lawyers who have in-depth knowledge and experience relating to all the issues arising out of VAT.