Sunday, April 11, 2021

No discount, VAT return must be paid by Thursday




Shops were closed for four days last week due to increased coronavirus disease. Later, in the face of traders' movement, the government allowed it to open from 9 am to 5 pm on Friday. Traders want to trade around the holy month of Boishakh.


But the government is thinking of giving an all-out lockdown from April 14. Public-private offices as well as shops, vehicles — everything may be closed. It is not yet clear whether the customs offices will remain open.


Rising Coronavirus infection, Baishakh-Ramadan's sales, an order of the National Board of Revenue (NBR) has made traders worried. The NBR said that as per the rules, all traders in the country have to submit VAT returns to their respective commissionerates by April 15 or next Thursday, otherwise fines and interest will be levied as per the law.


A new order was issued by the National Board of Revenue (NBR) last Thursday. According to Rule 46 of the Value Added and Supplementary Duty Rules of the 2012 VAT Act, VAT returns are required to be submitted by the 15th of the following month against every tax term (every English month). Otherwise there are provisions for imposition of fines and interest. Therefore, all VAT offices will be open for VAT payers to file returns easily.


The NBR order further said that hygiene rules will be followed at each VAT office to ensure that VAT payers can submit returns. Besides, the whole matter will be supervised by the concerned commissioner himself. According to the law, if the VAT return is not returned within the stipulated time, a fine of Tk 10,000 and interest at the rate of 2 per cent is levied on the prescribed VAT amount.


Bangladesh Shop Owners Association President. Helal Uddin said in the first light, the traders are already worried in this coronavirus situation. Besides, the government is planning a lockdown. In such a situation, the time for giving return must be increased. And interest and fines have to be waived. The NBR needs to understand the plight of the country's traders.


But traders also have the opportunity to address concerns. A new ordinance was issued in May last year due to Coronavirus. The ordinance states that, whatever the VAT Act may be, the NBR may extend the time limit for submission of filings by exempting interest and fines for such emergencies in the public interest due to natural calamities, epidemics and calamities or war. The NBR waived interest and fines by issuing this ordinance last year.


According to NBR sources, 2 lakh 44 thousand 18 companies have so far registered for VAT. Of these, 1 lakh 2 thousand 71 companies have filed VAT returns every month.


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