Value Added Tax (VAT) is a form of indirect tax that is added to the value of all goods (imported or supplied) and services being supplied. Value Added Tax is liable to be deposited at the Treasury by the person who supplies goods and services upon having collected the amount from the consumer. VAT Consultants in Bangladesh are those helping hands who shall ensure that your business is complying with the all the VAT and TAX related laws and regulation. The Value Added Tax (VAT) Act 1991 and the VAT Rules 1991 are the laws that govern and regulate the payment and procedure of the VAT. FM Consulting Internation provides the VAT Consultancy to several prominant companies, restaurant, and corporations in Bangladesh. To avail our services click here to see our TAX services here and contact us.
Under the VAT Act 1991, every supplier and provider, importer and exporter of taxable goods and services are under an obligation to register themselves in the manner prescribed by the Rules. In order to be registered, the documents that need to be submitted in prescribed forms are as follows:
In case of any change being made after the registration has been completed, the concerned officer must be informed by submitting the prescribed form, namely, MUSHOK 9 within 14 days after the change has been made.
The VAT must be submitted within the time specified by the Act, which includes:
In general, VAT at the rate of 15% is imposed on the base value of all goods and services being imported or supplied. VAT at the said rate will not be imposed on the imported goods listed under the first schedule of the Act, and the list of the supply of goods not mentioned under the said Schedule. In addition to that, different rates of VAT will be applicable on the services rendered or imported that have been listed in the second schedule of the Act.
In case of failure to pay VAT by a registered person at the specified time and at the specified rate, the VAT Act 2004 stipulates the penalties which may include monetary fine or imprisonment.
In the presence of a VAT Consultant, a businessperson needs not to be concerned about any VAT related issues as those are being dealt by the consultant with expertise and in a professional manner. A VAT consultant can provide precise information and advice regarding the procedure of registration, amount of VAT that needs to be paid and ensures all paper works relating to VAT and other taxes are up to date, thereby, minimizing chance of any error.