Value Added Tax (VAT), one of the major tax reforms in Bangladesh, finally became a reality when it was introduced in 01 July 2019. Given the magnitude of the change, it comes with its own set of challenges and complexities. The change is not only in the law but also an attempt to infuse technology for reporting requirements. The government has been very proactive in trying to streamline its processes and adjusting to the demands of the industry. Given the frequent clarifications / changes in the law, and interpretation issues, it is imperative for the businesses to re-visit the positions taken at the time of introduction of VAT to ensure that the businesses do not get affected in the longer run.
We assist our clients by providing a wide gamut of services including conducting VAT diagnostic review, advising on various VAT related issues, assistance in litigation and representation before the VAT Authority, etc. Additionally, we also assist in obtaining VAT refunds, undertaking VAT compliances and audits. Our service offerings:
VAT ADVISORY & REVIEW:
- Advising on various VAT related queries
- Tender / pre-bid and post-bid assistance
- Identify key issues / areas of representations and making representations before the VAT Authority
- Review as-is position of the Company/Entity/Client as to whether the same is in consonance with the existing VAT provisions
- Identify risks and opportunities viz. areas of non-compliance and potential tax exposures, areas of savings, etc. and providing suggestions on the same
- Review of various processes followed by Company from VAT perspective
COMPLIENCE & AUDIT:
- Computation of tax payments and filing of monthly VAT returns
- Assist in reconciliation of input tax credits as per the VAT system and as appearing in records maintained by the Company
- Preparation of compliance tracker
- Assist in queries related to VAT calculation
- Assistance in undertaking VAT audits
LITIGATION:
- Preparing replies to various notices, drafting appeals, etc.
- Drafting and filing applications seeking advance rulings
- Representation services
- Litigation review exercise to formulate strategy for swift resolution of matters
- Litigation support services comprising of preparing and drafting replies, appeals, representation services, etc. in relation to erstwhile indirect tax laws
- Assistance in filing writ petitions and briefing counsel for hearings before High Courts and the Supreme Court
- Assisting in assessment proceedings under VAT laws
REFUND:
- Preparation and filing of refund claims
- Providing end to end support including liaising with the authorities and obtaining refund orders