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Bangladesh VAT compliance update

  • VAT
  • 15 June 2014 | Richard Asquith

Bangladesh VAT compliance update

The latest Bangladeshi budget contains a range of changes to the compliance regime to help reduce the administrative burden for companies. The current Bangladeshi VAT rate is 15%.

The compliance changes include:

  • A limit of the levels of fines for VAT evasion now set to 50% of the value of the goods concerned. Previously there had been no upper limit.
  • Phased withdrawal of the complex base value systems for calculating VAT on a number of goods and services
  • Introduction of online VAT returns and VAT registrations through a special portal
  • Reclassifications to higher reduced VAT rates of many services
  • Imported mobile phones will be subject to 15% VAT instead of 10%

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.