5 Major Developments in Bangladesh

5 Major Developments in Bangladesh

• 2023-24 Budget Speech with Diverse Tax Measures

• VAT Registration Compulsory for all Foreign Entities in Bangladesh

• Budget for FY 2023-24: 5% VAT on software production and customization services

• 15% VAT on import of software proposed

• VAT on Essentials Up, Raw Materials Down

Customs

• 2023-24 Budget Speech with Diverse Tax Measures

• VAT on essential commodities go up, raw materials down

• Beefing up capacity of customs and VAT offices at ports

• ‘Mobile VAT Booth’ in Sylhet

E-Commerce / Electronic Services

• Online marketplaces may be exempted from VAT challans

• NBR Makes Electronic Payment Mandatory for all Taxes

Excise

• ‘Mobile VAT Booth’ in Sylhet

• Introduce Tk10 Excise Duty per Cigarette, increase VAT: CPD

Exemption

• 2023-24 Budget Speech with Diverse Tax Measures

• VAT on Essentials Up, Raw Materials Down

• VAT Waiver Planned for Potential Recycled Clothing Backward Industry
• Metro Rail gets VAT Exemption from Ticket Sales

• National Board of Revenue decided to exempt metro rail from VAT till next year

Fraud / Tax Evasion

• HC seeks customs official’s explanations for reduction of evaded VAT

Importation

• 2023-24 Budget Speech with Diverse Tax Measures
• 15% VAT on import of software proposed
• VAT on Essentials Up, Raw Materials Down

• Govt to Withdraw 5% Advance Tax on Fuel Import

• Beefing up capacity of customs and VAT offices at ports

Rate

• 2023-24 Budget Speech with Diverse Tax Measures
• VAT on essential commodities go up, raw materials down

• Budget for FY 2023-24: 5% VAT on software production and customization services

• Budget for FY 2023-24: Various VAT rate changes proposed

• 15% VAT on import of software proposed

• VAT on Essentials Up, Raw Materials Down

• VAT Waiver Planned for Potential Recycled Clothing Backward Industry

• VAT on sweets may be cut

• Govt to Withdraw 5% Advance Tax on Fuel Import

• Metro Rail gets VAT Exemption from Ticket Sales

• NBR urged to withdraw VAT on clothing waste recycling business

Registration

• VAT Registration Compulsory for all Foreign Entities in Bangladesh

Reporting / Compliance

• 2023-24 Budget Speech with Diverse Tax Measures

• Bangladesh to Depend Heavily on Indirect Tax in New Fiscal Year Too

• 36.5% Revenue from VAT puts Poor Under Pressure: Study

• Businesses at Odds Over Edible Oil VAT

• ‘Mobile VAT Booth’ in Sylhet

Tax Authorities / Penalties

• Beefing up capacity of customs and VAT offices at ports