Desk Report: The National Board of Revenue (NBR) has decided to go tough for those business establishments will fail to keep their transaction information in the NBR controlled software, reports The daily Sun. The NBR, as part of its move to streamline VAT collection system, has taken this decision for those business houses which having annual turnover of Taka 5.0 crore. “If any business establishment fails to follow this order, they will be penalized as per the Value Added Tax (VAT) law from January 1, 2019. A circular will soon be issued in this regard,” said NBR’s VAT policy member and director of VAT online project Md Rezaul Hasan.
Talking to media, he said there is allegation against some business establishments that they collect VAT from people but do not deposit the money to the national exchequer regularly.
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