• Saturday, Feb 04, 2023
  • Last Update : 10:24 am

Microsoft pays VAT for the first time

  • Published at 01:28 pm September 20th, 2021
A Microsoft logo is seen on an office building in New York City
FILE PHOTO: A Microsoft logo is seen on an office building in New York City on July 28, 2015 Reuters

But sought some time for submitting their VAT returns

American tech giant Microsoft Corporation has paid Tk3.23 crore as VAT for the first time as a non-resident company.

After taking its Business Identification Number (BIN) from the Customs, Excise and VAT Commissionerate, Dhaka South in last July, the multinational company deposited the VAT amount to the state coffer in this September against their sold services during the months of July and August.

Talking to BSS, Commissioner of Customs, Excise and VAT Commissionerate, Dhaka South SM Humayun Kabir on Monday said that Microsoft paid VAT for the first time in the country as a non-resident firm. He, however, said that Microsoft sought some time for submitting their VAT returns.

Meanwhile, there other global giants -- Facebook, Google, and Amazon -- started to pay VAT from the current fiscal year and all of these three entities are registered with the Customs, Excise and VAT Commissionerate, Dhaka South.

Microsoft had previously registered for value added tax (VAT) with the National Board of Revenue (NBR) on July 1 earlier this year.

Also Read - Microsoft latest Big Tech to register for VAT in Bangladesh

Under the Value Added Tax and Supplementary Duty Act 2012, they will be paying VAT at a rate of 15% on the sale of goods, advertisements and services.

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

According to an NBR official, Microsoft has been paying taxes on their business in Bangladesh that has been deducted from businesses availing its products and services in contrast to paying it through banks, inducing uncertainties on the amount of revenue staying in and going out of the country.

Podder & Associates works as the local VAT agent for Microsoft.

Also Read - Md Yousup Faruqu appointed to lead Bangladesh for Microsoft

Earlier, Facebook had registered for VAT on June 13, while Amazon and Google had done the same in May. Although tech giants had expressed the willingness to register with the NBR as early as 2019, several issues had delayed the process.

Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail