A non-resident entity, who carries out business in Bangladesh but does not have a fixed place of business shall have to appoint a VAT Agent in Bangladesh as per the Value Added Tax and Supplementary Duty Act, 2012 and The Value Added Tax and Supplementary Duty Rules, 2016 effective from 1st July 2017. The VAT Agent will be the person empowered to perform functions on behalf of the Business entity.
The VAT agent will be the person empowered to perform functions on behalf of the non resident with the VAT authorities.
How VAT Agent Shall Operate in Bangladesh?
The VAT Agent has to obtain a VAT Agent certificate on behalf of the non-resident which is usually valid for 3 years. The certificate can be renewed through an application before the expiry of the said certificate.
After nomination of the VAT agent of the non-resident shall have to inform the National Board of revenue of such nomination and the National Board of Revenue shall contact the VAT agent for obtaining his consent thereof.
Such VAT Agent of a non-resident shall bear all responsibilities and carry out all activities of the non-resident, and shall be jointly and severally liable for the payment of all dues including taxes, fines, penalties, and interests that may be imposed.
Nevertheless, the VAT registration of the economic activities by a VAT Agent shall be in the name of the principal.
Our VAT Agent Services in Bangladesh
We at FM Consulting International are a body of professionals comprised of Chartered Accountants registered with Institute of Chartered Accountants of Bangladesh, Cost and Management Accountants registered with Institute of Cost and Management Accountants of Bangladesh and lawyers registered with Bangladesh Bar Council.
Our professionals have the requisite qualifications to act as the VAT agents of the non-resident entity in Bangladesh, having the requisite experience to deal with VAT authorities with regards to VAT return submission, obtaining VAT exemption, input/output tax credit, VAT Audit, VAT registration.