DHAKA, -Under the new VAT Law 110 more business establishments took online VAT registration in the last one week taking the total number of online registered enterprises to 425 up to March 21, reports BSS.
“We’ve given online VAT registration to 315 businesses under Large Taxpayer Unit (LTU) in a special arrangement before the informal beginning of VAT registration on March 15 and 110 more enterprises have take online VAT registration in the last one week,” said deputy director of the online VAT project of NBR Zakir Hossain.
Talking to BSS, Hossain said finance minister AMA Muhith will formally inaugurate the online registration at a colourful programme to be held tomorrow at NBR Bhaban in Agargaon. National Board of Revenue (NBR) expects that representatives from all business houses will attend the event.
He said the NBR gets almost 80 percent of its total VAT-revenue from the 425 enterprises that have already taken online registration. After the formal inauguration, NBR will launch a campaign across the country to encourage businesses to take online registration, he added.
Online VAT registration continues up to July 1 and business activities of those enterprises which will fail to be registered within this deadline will be shut down automatically.
“Online VAT registration software has been installed in such a way that activities of the business entities which will not take online registration within July 1 will automatically be shut down,” said Hossain.
Business organizations will have to take electronic Business Identification Number (e-BIN) and business people who are running businesses with registration under traditional system will have to register their organizations online again.
But the business establishments having annual turnover below Tk 30 lakh do not need to be registered online.
“We have requested the business establishments take online VAT registration because the new VAT law will be effective from July 1 and business establishments will have to submit returns, pay tax and carryout other business related activities online,” said Hossain.
He said circle offices concerned of the NBR gave business establishments VAT registration number (11 digits) and business people running several business entities take separate registration number. But under the new VAT law NBR will give the only one registration number (9 digits) centrally for all business entities of a group, he added.
“We have taken such steps to bring transparency in businesses,” he said.
At present, the number of business organizations having VAT registration is about 8.5 lakh and of them, 32,000 submit returns.