• Tuesday, May 17, 2022
  • Last Update : 04:24 pm

Banks must submit monthly reports on big tech's VAT info

  • Published at 07:03 pm August 26th, 2021
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The circular instructed authorized dealer banks to send the statements regularly through their head offices within seven days of the following month

From now on, banks will have to submit monthly statements on value added tax (VAT) deducted from non-resident foreign companies such as Google, Facebook, Amazon, and Microsoft.

The central bank issued a circular in this regard on Wednesday as three out of the four big tech - Google, Facebook and Amazon, have already begun paying VAT to the National Board of Revenue (NBR).

The circular instructed authorized dealer banks to send the statements regularly through their head offices within seven days of the following month.

Also Read - Google pays 2.3C in VAT

It also mentioned that as per a meeting held at the NBR on June 24 earlier this year, it was decided that the banks would submit to NBR and concerned VAT agents' the statements of VAT deduction against services rendered by the non-resident taxpayers.

The central bank, in this regard, has prepared a uniform statement and instructed the banks to submit the statements to members (VAT policy) of the NBR and concerned VAT agents.

It also said that the statement would include VAT deducted against remittances under general or specific permissions from the central bank.

Also Read - Facebook pays 2.44C in VAT

According to NBR sources, so far, Bangladesh has received around Tk5.3 crore from the three big tech companies.

In July, Facebook, as the first non-resident foreign company, paid VAT worth Tk2.44 crore in Bangladesh at the Dhaka South Custom, Excise and Vat Commissionerate.

In August, Google deposited VAT worth Tk2.3 crore for May and June.

E-commerce giant Amazon paid VAT worth Tk53 lakh to the NBR that same month.

Also Read - Amazon pays 53L VAT

In 2019, NBR’s VAT wing brought non-resident foreign companies under the VAT net and made VAT registration mandatory.

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