For modern life tax is a reality. In the field of taxation Value Added Tax is relatively a new phenomenon. Bangladesh adopted VAT in 1991 and through a lot of experimentation it has now become an important tool of revenue collection for the government.
For the business, traders, industrialists, importers, exporters this new taxation mechanism sometimes seems very complex and sometimes harsh. In the last seventeen years compliance has increased and in the coming days revenue collected by the government as VAT will become a very important source.
The main problem for the proper compliance is to maintain different prescribed forms and books of record keeping and accounts.
Hence the presentation will cover probable financial accounting, explanation of VAT rules and regulations. The participants will benefit from discussions on issues, like-
• Input tax credit,
• issuance of tax challans,
• Time limit for maintaining VAT records,
• submission of VAT returns,
• issuance of challans in case of exports,
• issuance of challans in case of imports,
• VAT deduction at source,
• Payment of VAT on truncated base and on tariff value, etc.
Participants will be supplied with related VAT notifications/ order, which were amended/ rescinded in the Budget 2008-09.
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