The Proposed VAT Act, 2011: Salient Features and Comparison with the VAT Act, 1991
VAT is a very important matter of today’s life. Everybody comes across different aspects of VAT in course of his daily life. It is more important for them whose decisions matter for their businesses, industries and offices. People dealing with management, finance and VAT in different businesses, industries and offices require to know many things regarding VAT, some of those matters are tricky in nature. The VAT system had been introduced in Bangladesh in 1991. During the last 20 years, the system has developed different dimensions. Today, it is said that the system has become rather complicated. We require a revenue-friendly as well as business-friendly VAT system and for that matter taxation system in Bangladesh. With this aims and objectives, the (Draft) VAT Act, 2011 has been prepared and posted in the website for public opinion. The Act consists of 193 Sections covering 159 pages. So, it is very difficult for people to read the full text thoroughly to understand its similarities and differences with the present VAT Act.
Under these circumstances, this program has been designed to make the attendants understand the similarities and differences between the two documents. Attending the program, the participants would be able to contribute to the adoption of the new VAT Act, 2011 giving opinion regarding different aspects of the (Draft) Act that relates them.
How participants will benefit after the course:
The purpose of this program is to provide the participants brief knowledge regarding the basic features of, and similarities and differences between the current VAT Act 1991 and the (Draft) VAT Act, 2011. Thus attending the program, the participants:
- Can have knowledge regarding the basic features of, and similarities and differences between the current VAT Act, 1991 and the (Draft) VAT Act, 2011;
- Can understand how the (Draft) VAT Act, 2011 lays down procedures in the sectors they work;
- Can protect their organizations from future troubles;
- Can further develop their career in finance, management and VAT.
Workshop topics to be covered:
1. The Valued Added Tax Act, 1991;
2. The (Draft) Value Added Tax Act, 2011;
3. The basic features of the two documents;
4. Similarities between the two documents;
5. Differences between the two documents.