The National Board of Revenue has
asked all domestic and foreign companies participating in the Dhaka
International Trade Fair to get temporary VAT or VAT registration from the
Dhaka East VAT Commissionerate. The company said in a recent order. At the same
time, several directives of the National Board of Revenue (NBR) have to be
followed.
The special directive was issued
on January 1 by the NBR to remove the complexity of collecting various taxes
including VAT.
This information was given by the
public relations department of NBR on Saturday (January 8). According to the
directive, this year's Dhaka International Trade Fair is being held in the
permanent infrastructure of the fair located at Purbachal of Rupganj in
Narayanganj instead of Agargaon. The VAT collection activities of the fair were
conducted through the Customs, Excise, and VAT Commissionerate (West) of Dhaka.
But at present, the place of the fair is under the Commissionerate of Customs,
Excise, and VAT, Dhaka-East. That is why there is a need to re-issue the general
order regarding the collection of VAT from trade fairs. As a result, it is
necessary to determine the tax payment method for the collection of applicable VAT
against the goods supplied from the fair stall.
The instructions include:
- All the organizations
participating in the Dhaka International Trade Fair will have to separately
obtain temporary VAT registration for the fair time from the Customs, Excise
and VAT Commissionerate, Dhaka-East for the fair stalls. This stall will be
included in the central registration. If any centrally registered organization
under the Customs, Excise and VAT Commissionerate of Bangladesh participates in
the trade fair, temporary registration for the fair stall will have to be taken
separately.
- Since separate temporary
registration has to be taken for the fair stall, in general, if any centrally
registered manufacturing company sets up an outlet or stall at the fair, the
tax invoice for sale has to be provided through Form VAT-8.3. VAT at the
applicable rate has to be submitted to the code of the main commissionerate providing
central registration.
- In case of delivery of goods from
the fair stall to the buyer / final consumer, such centrally registered entity
will submit the deposit at the business level against the temporary
registration number issued in favor of the fair stall through treasury invoice
in the code of Dhaka East Customs and VAT Office.
- In cases where advance / booking
money is received from the stall of the Central Registered Establishment but
without delivery or supply to the buyer from the fair stall, it is subsequently
supplied from the Central Registered Production Site or any Centrally
Registered Supply Station. The registration must be submitted in the code of
the main commissionerate providing the registration.
- All the organizations
participating in the fair have accepted the temporary registration.
- Foreign stalls wishing to
participate in the fair must also obtain temporary registration from the
Commissionerate of Customs, Excise and VAT, Dhaka (East) during the fair and
pay the applicable VAT against the supply of goods/services from the fair
stall to the Customs, Excise and VAT Commissionerate, Submit to code. Similarly, other rules must be obeyed.
This time the fair has 23
pavilions of different categories, 27 mini pavilions, 162 stalls, and 15 food
stalls. There are 11 stalls of foreign companies including Turkey, Iran, India,
Pakistan, and Thailand. On January 1, Prime Minister Sheikh Hasina inaugurated
the month-long Dhaka International Trade Fair (DITF) at Bangabandhu
Bangladesh-China Friendship Exhibition Center (BBCFEC) in the eastern part of the
capital.