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The Financial Express

No March, April VAT return penalty until Jun 9

| Updated: May 28, 2020 13:34:16


No March, April VAT return penalty until Jun 9

Business organisations will be able to submit value added tax (VAT) return for the months of March and April without paying late fees until Jun 9, the National Board of Revenue says.

The board issued an order on Tuesday noting that many organisations could not submit the VAT return on time due to the coronavirus lockdown, which started on March 26.

Businesses need to submit the VAT return for a month within the 15th of the next month, reports bdnews24.com.

An organisation is fined Tk 10,000 and has to pay 2.0 per cent daily interest on the fine until the submission of the VAT return after the deadline, according to the law.

Considering the coronavirus crisis, the government has waived all fines or interests in case of failure to pay VAT returns on time during the outbreak.

The Cabinet cleared final draft of the ‘Value Added Tax and Supplementary Duty Act (Amendment) Ordinance, 2020’ on May 7 following requests from FBCCI and several other organisations for an extension of time for filing VAT returns.

The move empowered the NBR to waive VAT or extend submission deadline during natural calamities, epidemics and state of emergencies.

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