Finance:Value added taxation in Bangladesh
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Value Added Tax or VAT in Bangladesh is an indirect consumption tax which is paid by consumer or buyer. VAT is imposed at each stage of production-supply chain based on the value added to the product at that stage. The end consumer ultimately pays the VAT.[1][2]
Overview
The National Board of Revenue, under the leadership of Shah Abdul Hannan introduced VAT in Bangladesh 1991.[3] National Board of Revenue, being the central authority for tax administration in Bangladesh, monitors and regulates VAT collection according to the Value Added Tax Law, 1991.[4] The VAT collected from people are used by the Government of Bangladesh in Development activities of the country. Current standard rate of Value Added Tax in Bangladesh is 15% of the goods or service price. Other than this rate there are some truncated value based preferential rates on some services. At present the following preferential rates are applicable by Statutory Rules and Order 1.5%, 2%, 3%, 4%, 4.5%, 5%, 5.5%, 6% and 9%.[5][6]
References
- ↑ Bangladesh. "What is VAT?". National Board of Revenue. http://www.nbr.gov.bd/faq_page.php?lan=eng&id=3. Retrieved 19 September 2016.
- ↑ Syed Samiul Basher Anik (3 June 2016). "New VAT law from July 2017". Dhaka Tribune. http://archive.dhakatribune.com/bangladesh/2016/jun/03/new-vat-law-july-2017. Retrieved 19 September 2016.
- ↑ "Shah Abdul Hannan". Ibn Sina Pharmaceuticals Ltd.. http://www.ibnsinapharma.com/about/board-of-directors/profile/shah-abdul-hannan/. Retrieved 24 December 2016.
- ↑ Peoples' Republic of Bangladesh. "Value Added Tax Law, 1991 (Law no. 22 of 1991)". Government of Bangladesh. http://bdlaws.minlaw.gov.bd/bangla_all_sections.php?id=755.
- ↑ Bangladesh. "What is VAT Rate in Bangladesh?". National Board of Revenue. http://www.nbr.gov.bd/faq_page.php?lan=eng&id=2. Retrieved 19 September 2016.
- ↑ Abdur Rahim Harmachi (2016-02-21). "Bangladesh lifts VAT on computers, spares". Bdnews24.com. http://bdnews24.com/business/2016/02/21/bangladesh-lifts-vat-on-computers-spares. Retrieved 19 September 2016.
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