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425 businesses registered for online VAT

  • Published at 12:40 am March 23rd, 2017
  • Last updated at 12:59 am March 23rd, 2017
425 businesses registered for online VAT
A total of 110 more business establishments did their VAT registration online under the new VAT Law in the last one week. With this, the total number of online registered enterprises stood at 425 as of March 21, reports BSS. “A total of 315 businesses have been registered under the Large Taxpayer Unit in a special arrangement before the informal beginning of VAT registration on March 15, while 110 more enterprises did their online VAT registration in the last one week,” said Deputy director of the online VAT project of NBR Zakir Hossain. Zakir said Finance Minister AMA Muhith will formally inaugurate the online registration at a colourful programme to be held tomorrow at the NBR Bhaban in Agargaon. The National Board of Revenue (NBR) expects that representatives from all business houses will attend the event. He said the NBR gets almost 80% of its total VAT revenue from the 425 enterprises that have already registered online. After the formal inauguration, NBR will launch a campaign across the country to encourage businesses to take online registration, he added. Online VAT registration continues up to July 1 and business activities of those enterprises which will fail to be registered within this deadline will be shut. “Online VAT registration software has been installed in such a way that activities of the business entities which will not be registered online within July 1 will be shut.” Business organisations will have to take electronic Business Identification Number (e-BIN) and business individuals who are running businesses with registration under traditional system will have to register their organisations online again. But the business establishments having an annual turnover below Tk30 lakh do not need to be registered online. “We have requested the business establishments take online VAT registration because the new VAT law will be effective from July 1 and business establishments will have to submit returns, pay tax and carry out other business-related activities online,” said Zakir. He said the NBR circle offices gave business establishments an 11-digit VAT registration number. “We have taken such steps to bring transparency in businesses.” At present, the number of business organisations having VAT registration is about 8.5 lakh, and of them, 32,000 submit returns.