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Swasti Lankabangla Swasti Lankabangla

All shopping malls, super shops under VAT: NBR

All shopping malls, super shops under VAT: NBR

Shopping malls and super shops across the country cannot operate without Value Added Tax (VAT) registration, the National Board of Revenue (NBR) through a Supplementary Revenue Order (SRO) said on Sunday, reports BSS.

The SRO said shopping malls and super shops, which had annual turnover of less than Taka 5.0 million would also be required to have VAT registration.

The SRO also published a list of 100 products and 92 services, and made VAT registration mandatory for the organizations involved in production and marketing them.

NBR took the move following malpractice by many organisations of showing annual turnover below 5.0 million to dodge VAT, as per the VAT and Supplementary Duty Act, 2012.

The new VAT law was enacted from July 1, this fiscal.

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