NBR to receive VAT statements of foreign business entities such as Google, Facebook

The Bangladesh Bank has asked authorised dealer banks to submit the value added tax (VAT) statements of non-residents business entities such as Google, Facebook, and Amazon to the National Board of Revenue (NBR).

In a circular on Wednesday, the central bank asked the banks to provide the VAT statements to NBR and VAT agents within the first seven days of every following month. 

In accordance with NBR's June 24 decision, the central bank has prepared a uniform statement and issued the instructions to all authorised banks.

Earlier, in May this year two of the world's largest tech giants Google and Amazon obtained their Business Identification Number (BIN) from the NBR – a mandatory requirement for any business operating in Bangladesh.

For the first time ever, two non-residential companies have registered for BINs in the country, and they will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year.