All shopping malls, super shops come under VAT
Published : Sunday, 21 July, 2019 at 10:23 PM Count : 437
The National Board of Revenue (NBR) through a Supplementary Revenue Order (SRO) on Sunday said shopping malls and super shops across the country cannot operate without Value Added Tax (VAT) registration.
The SRO said shopping malls and super shops, which had annual turnover of less than Taka 50 lakh would also be required to have VAT registration, BSS reports.
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 50 lakh to dodge VAT, as per the VAT and Supplementary Duty Act, 2012.
The new VAT law was enacted from July 1, this fiscal.