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The Financial Express

Banks to submit monthly VAT info of Google, Facebook, Amazon, Microsoft

| Updated: August 28, 2021 10:08:46


Banks to submit monthly VAT info of Google, Facebook, Amazon, Microsoft

The central bank has asked scheduled banks to submit statements of value-added tax (VAT) deducted from services rendered by non-resident taxpayers such as Google, Facebook, Amazon, and Microsoft.

The banks will have to send the statements through the banks' head offices within seven days of the following month, said a notification issued by the Bangladesh Bank (BB) on Wednesday.

The central bank issued the notification in line with the decision of the National Board of Revenue (NBR), a BB senior official told the FE.

In a meeting held at the NBR on June 24 last, it was decided that the banks would submit to NBR and concerned VAT agents' the statements of VAT deduction against services rendered by the non-resident taxpayers.

The central bank has prepared a uniform statement and instructed the banks to submit the statements to member (VAT policy) of the NBR and concerned VAT agents, according to the notification.

It also said that the statement would include VAT deducted against remittances under general or specific permissions from the BB.

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