National Board of Revenue
SROs NO: 178-Law/91/3-VAT
The Rules was published on June 12, 1991 as a supplementary documents to the VAT Act 1991. National Board of Revenue (NBR) has formed the rules as per the Section 72 of VAT Act. The VAT Rules-1991 is comprised of 43 section. The major sections are described below.
Section 4: Providing Turnover Tax
If the annual income of any people (taxable commodity supplier) is BDT 6 million, then the person has to pay tax in proportion to the annual turnover. Any such people has to apply to the divisional officer to get enlisted.
Section 9: Registration System
A taxable commodity supplier can get register in Divisional Office or apply via online. A declaration paper containing the description of taxable commodity will be submitted with the application form.
Section 15: Registration Cancel
Any registered taxpayer can apply to the concerned office if he discontinues to produce taxable commodity or annual turnover is lower than BDT 6 million.
Section 16: Providing Challan to registered taxpayer
The authority will provide VAT -11 form to the concerned registered taxpayer. The copy of Challan form will be preserved by the taxpayer.
Section 18 (A): VAT rebate from source value
Following organization will get VAT rebate from source value facility
1. Government, Semi-Government & Autonomous body
3. Bank, Insurance & other financial institutions
4. Limited Company
5. Educational Institution
Section 22: Account Management
A registered taxpayer will have to maintain following types of book at factory
1. Commodity purchasing log book
2. Commodity selling log book
3. Challan book
4. Current account book
Section 22: Tax Payment
Any registered person needs to pay certain amount of tax to government treasury.
Section 27: Export System
Name of exporter & trade mark needs to put on the packet of commodity. Each Packet will be sealed with the export sign. VAT official will examine the packets.
Section 31 A: Supplying commodities or service via foreign currency against local & international tender
Subject mentioned service will be provided subject to following conditions
1. An international contract or MOU must be signed between Bangladesh Government and concerned donor agency
2. List of locally collected goods will be described in local or international tender
Section 32: Supplying commodities or service via foreign currency against internal back to back LC
If any registered person supplies commodities or service via foreign currency against internal back to back LC then this commodities or service will be considered as exported commodities or service.
Section 32 (A): Zero tax facilities for backward linkages industries
Following conditions will be applied to avail this facility
1. Concerned industry must provide service in favor of 100% export oriented bonded warehouse or special bonded warehouse.
Section 34 (A): Refund
As per the Section 67 of VAT Act-1991, if any Customs office erroneously collects more tax form any private entity then that entity will have to apply to customs commissioner within six months.
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