Bangladesh Value Added Tax System: Limitation in terms of theoretical and practical aspect and ways to overcome the limitations by Md. Farid Uddin, Member, National Board of Revenue was presented on the occassion of National VAT Day 2012.
Government has taken a plan to implement Value Added Tax and Supplementary Duty Act, 2012. Implementation of this plan is already started. The new VAT act will be implemented from 1 July, 2015 by implementing this plan.
Export is Zero-rated. All imports and local purchase related to export is also zero-rated. But there are some procedure to avail these benefits. The benefits and procedure to avail are described in this booklet.
Cigarette, bidi, soft drink, mineral water and toilet soap are most important source of revenue. Use of Banderole and stamps are compulsory for these sectors. This booklet is user guide for these industries.
Return s the final statments of registered or enlisted busness for a tax period. Is is the summery of all business transactions, credit and adjustments. This booklet help you to prepare a return accurately.
Credit and adjustment mechanisam make the VAT system successful to both taxpayers and tax collectors. There are many rules for credit and adjustment. All rules for credit and adjustment are describe in this booklet.