Online VAT registration
Friday, 11 June 2010
FE Report
The finance minister in his budget speech Thursday proposed to bring massive changes in areas of VAT (value added tax) and introduce online registration and return submission.
"Establishing Digital Bangladesh is a key priority of the present government. In order to digitize the taxation system, I propose to introduce online VAT registration and return submission," he said.
A specific software (Bangladesh VAT system, e-VAT) will be used for this purpose, which will be developed by a private firm under the direct supervision of NBR (National Board of Revenue), he said.
In order to impose penalty under the existing VAT Act properly, he also proposed to add new provisions to this Act to take up judicial proceedings in the court of Special Judges appointed under the Criminal Law Amendment Act 1958.
He also proposed relevant amendment to the Act to allow the aggrieved taxpayers to appeal to the High Court against the verdict of the Appellate Tribunal.
Currently, there is no provision in the VAT Act for protection of information provided by the taxpayers.
Considering the demands of taxpayers, he has proposed to insert a new provision in the existing law for protection of information given by the taxpayers.
To modernize the VAT system, the finance minister has proposed to simplify the price declaration procedure and introduce amendments in the law for payment of taxes using various means.
He also proposed necessary amendments in VAT Act to impose VAT on e-commerce.
The finance minister in his budget speech Thursday proposed to bring massive changes in areas of VAT (value added tax) and introduce online registration and return submission.
"Establishing Digital Bangladesh is a key priority of the present government. In order to digitize the taxation system, I propose to introduce online VAT registration and return submission," he said.
A specific software (Bangladesh VAT system, e-VAT) will be used for this purpose, which will be developed by a private firm under the direct supervision of NBR (National Board of Revenue), he said.
In order to impose penalty under the existing VAT Act properly, he also proposed to add new provisions to this Act to take up judicial proceedings in the court of Special Judges appointed under the Criminal Law Amendment Act 1958.
He also proposed relevant amendment to the Act to allow the aggrieved taxpayers to appeal to the High Court against the verdict of the Appellate Tribunal.
Currently, there is no provision in the VAT Act for protection of information provided by the taxpayers.
Considering the demands of taxpayers, he has proposed to insert a new provision in the existing law for protection of information given by the taxpayers.
To modernize the VAT system, the finance minister has proposed to simplify the price declaration procedure and introduce amendments in the law for payment of taxes using various means.
He also proposed necessary amendments in VAT Act to impose VAT on e-commerce.