Government income of indirect tax constitutes about 80% of her total tax income in Bangladesh. In this respect it is important in Govt. point of view. It is equally important for the taxpayers because they have to pay VAT as goods and services tax to the government and have to practice the system of VAT.
VAT system is more an accounting system than an enforcement tool. It is a complete system of self assessment and accounting. But it is sometime misunderstood because of absence of adequate knowledge of the issues with VAT. This some times take much of efforts by both the enforcement authorities and the taxpayers to resort to the legitimate collection of VAT. Good knowledge base of VAT in the tax payers can reduce the degree of harassment and increase collection of VAT as well.
The focus of the workshop is to elaborate the standard practices of VAT & Recent Changes of Financal Act : 2009-2010, in the participants to minimize the gap of what they practice and what should be.
The following topics will be discussed with special attention on record keeping and accounting. There will be appropriate discussions of the Laws and Rules through the whole of the periods of the workshop. Participants' questions will be attended on any topic of VAT, Customs and any related provision of other laws and rules.
General features VAT in Bangladesh
Registration of manufacturers, services, traders, importers
Change of status of the registration certificate
Stages of VAT, when payable and how?
Determination of assessable value for VAT
Input tax credit system
VAT record keeping, return submission and return processing
Issuance of VAT challan, debit note and credit note
Disposal of unused materials and products
Audit, demand and collection of claims
Transfer of ownership
Truncated bases of services
Provisions of Trade VAT
Provisions of Section 37, 38, 39, 40 & 42
Any other issue of participant's interest