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You Must Register For Vat If You Are An Accountable Person

In April 1979, the Taxation Enquiry Commission (TEC) officially took up the issue of introducing VAT in Bangladesh as an alternative to sales tax. A value-added tax (VAT) is collected on a product at every stage of its production during which value is added to it, from its initial production to the point of sale. Any business that has a certain amount of turnover are supposed for VAT registration. It is enforced for the businesses if they reach the mentioned threshold in terms of turnover. The business must register for VAT if they wish to supply the goods and services to others.

 

When Should A Company Register For VAT In Bangladesh?

All other businesses whose annual turnover is greater than 80 lakhs are required to pay VAT at 15% rate. To continue your normal business operation including participation in tender, banking activities and export and import, you need to apply for VAT registration and receive a Business Identification Number (BIN).

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