Facebook gets VAT registration in Bangladesh
The social media giant had applied yesterday and got the nod to get the registration without having to open physical offices in the country.
Facebook received its Value Added Tax (VAT) registration from the National Board of Revenue (NBR) today.
The social media giant had applied yesterday and got the nod to get the registration without having to open physical offices in the country.
Facebook Technologies Ireland Ltd, Facebook Ireland Ltd and Facebook Payments International Ltd also received their Business Identification Number (BIN) certificates.
The matter was confirmed to The Business Standard by Promila Sarkar, additional commissioner, Custom, Excise and Vat Commissionerate Dhaka North.
She said PricewaterhouseCoopers will be their local consultant. Facebook will now pay a 15% VAT on revenue derived from Bangladesh.
Last year, Facebook Inc appointed an agent to do business in Bangladesh after facing pressure from the NBR. The company's agent Httpool was paying VAT to the board, but Facebook still did not have a BIN in Bangladesh.
Earlier last month, Google and Amazon obtained their Business Identification Number (BIN) from the National Board of Revenue (NBR) - a mandatory requirement for any business operating in Bangladesh.
