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 Mar 26. Businesses need to submit the VAT return for a month within the 15th of the next month. An organisation is fined Tk 10,000 and has to pay 2 percent 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 move empowered the NBR to waive VAT or extend submission deadline during natural calamities, epidemics and state of emergencies.

Source: bd News24 May 26, 2020 15:22 UTC