The Value Added Tax (VAT) and Supplementary Duty Act, 2012 (new VAT law), was planned to be implemented last year. As a result, the government seems confident and is determined to implement this new VAT law with effect from July 1. The new VAT law allows manufacturers to discharge VAT only on the transaction value (sale price), regardless of whether cost price is higher than sale price. Revised returnThe present VAT law does not provide any scope for correction in the original return by the filing of a revised return. The new VAT law provides an opportunity for businesses to carry out such transactions, which are exempted from the payment of VAT.

Source: Dhaka Tribune May 08, 2017 13:41 UTC