Facebook pays 2.27C VAT in July

Social media giant Facebook has paid Tk2.27 crore as value added tax (VAT) for the month of July.

Registered with the Customs, Excise and VAT Commissionerate, Dhaka South, the social networking platform paid the VAT on Tuesday by submitting its return.

It previously paid Tk2.44 crore VAT for June, back in July 29.

Humayun Kabir, commissioner of the Customs, Excise and VAT Commissionerate, Dhaka South, said that Facebook submitted its VAT return for July as a regular taxpayer.

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“Through this, this entity has become more compliant. Now we may conduct audit if it is deemed necessary,” he added.

He informed that the multinational conglomerate Facebook has been submitting its VAT return after incorporating its overall income and expenditure as well as incorporating data on the overall amount of services it is delivering every month.

Facebook has already received its VAT registration from the National Board of Revenue (NBR) without opening physical offices in the country.

In 2020, Facebook Inc was pressured by the NBR to designate an agent in Bangladesh to operate locally.

Apart from Facebook, tech giants Google and Amazan are also paying VAT in Bangladesh as non-resident firms which do not have offices here.

The Bangladesh government took the initiative of bringing foreign companies under the registration and VAT process in 2019, as Tech giants — Google, Amazon, and Facebook — had been making around Tk3,000 crore from Bangladesh annually.