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NBR is the authority for tax policies and tax laws in Bangladesh. [1] [2] NBR collects almost 97% of tax revenue and almost 85% of total revenue for the government of Bangladesh. [3] The Customs, Excise and VAT Appellate Tribunal is a tribunal under the National Board of Revenue established in 1995. [4] [5]
Anyone who collects VAT becomes a VAT Trustee if they: register and collect a Business Identification Number (BIN) from the NBR; submit VAT returns on time; offer VAT receipts; store all cash-memos; and use the VAT rebate system responsibly. VAT Mentors work in the VAT or Customs department and deal with trustees. The VAT rate is a flat 15%.
The main responsibility of NBR is to mobilize domestic resources through the collection of import duties and taxes, VAT and income tax for the government. Side by side with collection of taxes, facilitation of international trade through quick clearance of import and export cargoes has also emerged as a key role of NBR.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Customs, Excise and VAT Appellate Tribunal was established on 1 October 1995. [3] The verdicts of the tribunal can be appealed to the High Court Division. [4] It is composed of one tax officer and one judge, one of whom will be the president of the tribunal.
Internal Resources Division (Bengali: অভ্যন্তরীণ সম্পদ বিভাগ) is a Bangladesh government division under the Ministry of Finance responsible for overseeing revenue collection in Bangladesh. [1] [2] Secretary Md Abdur Rahman Khan is head of the division. [3] [4]
Customs Intelligence and Investigation Directorate (Bengali: কাস্টমস গোয়েন্দা ও তদন্ত অধিদপ্তর) is a specialized intelligence agency of the government of Bangladesh under the National Board of Revenue responsible for investigating tax evasion and customs fraud. [1]
After importing, Company A sells the goods to another trader (Company B), charging the price of the goods plus VAT, but does not pay the VAT collected to the government; Company A becomes a "missing trader". The buyer, Company B, who has paid the VAT to Company A, can then reclaim the VAT paid from the tax authorities on its VAT return.