DHAKA, March 9, 2017 (BSS)-Online VAT registration under the new Value Added Tax (VAT) law will kick start from March 15 and continue up to July 1 and business activities of those organizations which will fail to be registered will be shut down automatically.
"Online VAT registration software has been installed in such a way that activities of the business entities which will not take online registration within July 1 will automatically be shut down," said deputy director of the online VAT project of NBR Zakir Hossain.
Business organizations will have to take electronic Business Identification Number (e-BIN) and businesspeople who are running businesses with registration under traditional system will have to register their organizations online again.
But the business establishments having annual turnover below Taka 30 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 carryout other business related activities online," said Zakir Hossain.
Talking to BSS, he said circle offices concerned of the NBR gives business establishments VAT registration number (11 digits) and business people running several business entities take separate registration number. But under the new VAT law NBR will give the only one registration number (9 digits) centrally for all business entities of a group, he added.
"We have taken such steps to bring transparency in businesses," he said.
At present, the number of business organizations having VAT registration is about 8.5 lakh and of them, 32,000 submit returns.
Initially, 1.5 lakh establishments will be online VAT registration, he said, adding that 263 corporate houses have already given registration under Larger Taxpayer Unit (LUT) and over 60 percent of the total VAT-revenue come from these houses.
He said 15 more corporate houses will be given registration before March 15.
Source: Bangladesh Sangbad Sangstha (BSS)