- NBR plans to widen dragnet for VAT at source in FY25, aiming to add Tk5,000 crore in revenue
- Firms with annual turnover of Tk10 crore or above may be allowed to deduct VAT at source from 43 services
- Currently, only certain entities are required to deduct VAT at source, including government bodies, banks, insurance companies, and registered companies
- The new plan will add more than 5,000 new entities for VAT deduction at source
- 43 services subject to VAT deduction at source include hotels, restaurants, construction firms, and IT services
- VAT deduction at source system illustrated with examples from Dhaka Mass Transit Company Limited and a diagnostic center
- The goal of the plan is to prevent VAT evasion and improve compliance among businesses and entities with larger turnovers.
Source: tbsnews.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
