Back in November 2011 I published a post on sectors to deduct VAT at source. There I mentioned 35 sectors from which VAT to be deducted at sources at various rates. In 2012 there are a few changes regarding deduction rate as well as guideline on how to deduct VAT at sources.
VAT Deduction/Collection at Sources in Bangladesh
Consequences to failure to deduct/collect VAT at sources and/or failure to deposit within prescribed time
Duties and responsibilities of the organizations/institutions authorized to deducted or collected VAT at sources after deduction/collection
In my earlier post I discussed about the explanations given by the NBR through General Order no. -09/MUSHAK/2011, dated 12 October 2011 on some points as per the order. Now in this post I will discuss about duties and responsibilities of the organizations/institutions authorized to deducted or collected VAT at sources after deduction/collection.
Guideline on VDS and steps to be taken afterwards
Sectors of VAT Deduction/Collection at Sources
VAT Deduction/Collection at Sources General Idea
VAT is the abbreviation form of Value Added Tax. The standard rate of VAT in Bangladesh is 15%. According the the Value Added Tax Act 1991 and Value Added Tax Rules 1991 of Bangladesh, any person registered under the VAT system of Bangladesh is eligible to deduct Value Added Tax (VAT) at sources at the time of making payment for any sale of goods or service render at the rates prescribed by the National Board of Revenue (NBR).
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