Banks asked to submit Google, FB’s VAT info

The Bangladesh Bank on Wednesday asked banks to submit Value Added Tax deduction statements against services provided by non-resident entities

such as Google, Facebook, Amazon or individuals to the National Board of Revenue.

Bangladesh Bank prepared a uniform statement and instructed all authorised banks to submit statements to the Member (VAT Policy) of revenue board and VAT agents concerned, as per the BB notice issued on the day.

The BB notice said that the statement would include VAT deducted against remittances under general or specific permissions from Bangladesh Bank.

The BB also instructed authorised dealer banks to send the statements through their head offices within seven days of the following month.

The circular was issued as per the decision of the revenue board, said an official of the central bank.

The revenue board is receiving VAT at the rate of 15 per cent from the companies as banks deduct the VAT at the time of remitting the money to the accounts of the firms.

The NBR in May this year has completed procedures, including making changes in the VAT registration form and modification of the VAT online software, to give non-resident foreign companies such as Google, Facebook and Youtube direct access to the system.

The global technology giants now able to obtain business identification number, submit VAT returns and pay VAT directly through their overseas bank accounts.