Gazi Anowarul Hoque :
Online VAT (Value Added Tax) registration will start from March 15 and continue up to July 1. Those who will fail to registered within this time, their business activities will be shut down automatically.
National Board of Revenue (NBR) insiders said, all business
organizations will have to take electronic Business Identification Number (e-BIN) to register their organizations Online again.
But the business establishments having annual turnover below Taka 30 lakh do not need to be registered Online.
Online VAT registration software has been installed in such a way those activities of the business entities which will not take Online registration within July 1 will automatically be shut down.
“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,Deputy Director of the Online VAT registration project of NBR.
“We have taken such steps to bring transparency in businesses,” he said to this correspondent.
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.
Online VAT (Value Added Tax) registration will start from March 15 and continue up to July 1. Those who will fail to registered within this time, their business activities will be shut down automatically.
National Board of Revenue (NBR) insiders said, all business
organizations will have to take electronic Business Identification Number (e-BIN) to register their organizations Online again.
But the business establishments having annual turnover below Taka 30 lakh do not need to be registered Online.
Online VAT registration software has been installed in such a way those activities of the business entities which will not take Online registration within July 1 will automatically be shut down.
“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,Deputy Director of the Online VAT registration project of NBR.
“We have taken such steps to bring transparency in businesses,” he said to this correspondent.
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.
