5 Major Developments in Bangladesh

5 Major Developments in Bangladesh

• BTMA seeks removal of import duties on fibres
• Agri, Service Sector Businesses for VAT Exemption, Cut
• Automated VAT admin still dependent on foreign operators
• Bangladesh Insurance Association (BIA) proposes withdrawal of 15 per cent VAT on health insurance and reinsurance commission
• Reduced VAT on cooking oil likely to continue

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Bookkeeping

• Overview of VAT changes made in 2022

Customs

• Firefighting equipment imports exempt from advance tax

• BTMA in Bangladesh seeks Removal of Import Duties on Fibres

• BTMA seeks removal of import duties on fibres

Deduction (Input Tax Credit)

• Bangladesh Insurance Association (BIA) proposes withdrawal of 15 per cent VAT on health insurance and reinsurance commission

Exemption

• Deadline for VAT exemption on edible oil import extended till April 30

• Firefighting equipment imports exempt from advance tax

• Islamic Development Bank regional office gets VAT exemption

• Half of GDP remains exempt from VAT

• Agri, Service Sector Businesses for VAT Exemption, Cut

Export

• BTMA seeks removal of import duties on fibres

Importation

• Deadline for VAT exemption on edible oil import extended till April 30
• Firefighting equipment imports exempt from advance tax
• BTMA in Bangladesh seeks Removal of Import Duties on Fibres
• BTMA seeks removal of import duties on fibres

Rate

• Overview of VAT changes made in 2022

• Reduced VAT on cooking oil likely to continue

• Bangladesh Insurance Association (BIA) proposes withdrawal of 15 per cent VAT on health insurance and reinsurance commission

Refund

• Bangladesh Insurance Association (BIA) proposes withdrawal of 15 per cent VAT on health insurance and reinsurance commission

Reporting / Compliance

• BCI Proposes Raising VAT-Free Turnover Limit to Tk4cr

Taxable Amount

• Overview of VAT changes made in 2022

Tax authorities / Penalties

• NBR awards 9 highest VAT-paying firms

• NBR misses VAT collection target from big banks in H1’FY23

• Automated VAT admin still dependent on foreign operators

Taxable Transaction

• Half of GDP remains exempt from VAT

Technology

• Automated VAT admin still dependent on foreign operators