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| Corporate practice bd |
Taxes are payable at the time of delivery. As a result, it is important to calculate the delivery time. Below is a description of the field of calculation when delivering in different situations. E.g.
Field of supply Time of delivery
In the case of delivery of goods at which the possession of the goods is handed over or removed
In the case of the provision of services at any time the service is provided, created, transferred, or transferred
In the case of a supply of immovable property, the time at which property is transferred, created, transferred, or granted
Tax payable time and tax payment time:-
Tax payable period:-
The period in which a taxpayer's obligation to pay taxes is created is considered as the payable period.
Period payable in case of import:-
Import of any product from outside Bangladesh within the geographical boundaries of Bangladesh is considered as an import. In the case of import, value-added tax, supplementary duty and advance tax are payable at the same time and in the same manner as with import duty.
If you are interested to the next part- Value Added TAX & Supplementary Duty ACT-2012(Part-04) please....
The term payable in case of supply:-
The VAT levied on a taxable supply will be taxable at the time the first of the following acts occurs, namely:
(A) When supplies are provided;
(B) When supply-related invoices are issued; or
(C) When part or the entire loan is accepted.
Hierarchical or periodic supply:-
The first of the VAT deductions imposed on a hierarchical or periodic supply, considered as a separate supply sequence, is taxable at the time of occurrence, e.g.
(A) When separate invoices are issued against each of the said supplies;
(B) When part or all of the receivable is received against each of such supplies;
(C) When the price is payable against the hierarchical supply; or
(D) The first day of the tax period which is related to the tax payable, if the amount payable at that time can be confirmed.
Supply provided through a distribution network:-
There is a difference between the supply through the distribution network and the supply between the serial or periodic supply. Such as the difference between the supply of electricity and the sale of TV in installments. As a result, there is a difference in the time they pay their taxes. If a product (such as water, gas, fuel oil, electricity, etc.) or a service is supplied sequentially or periodically through the distribution network, invoices will be issued on the date on which the invoice is issued against each of those supplies.
Tax payment period:-
In the case of import, tax has to be paid at the time of payment of import duty. That is, before the unloading of imported goods and at the time of payment of tax in case of late payment.
In case of VAT registration for general supply, by the 15th of the following month. Again in the case of turnover tax listed companies, within 15 days of the end of each tax term (3 months). In the case of a registered source cutter, the amount deducted at source must be paid within 3 working days of payment of bill in case of unregistered source cutter by 15th of the following month.
If you are interested to the next part- Value Added TAX & Supplementary Duty ACT-2012(Part-05) please....
Exemption:-
First Schedule Import and Supply Exemption. The Board will not be able to grant an exemption. With the Cabinet's approval on an emergency basis, the government will be able to grant exemptions until the next budget session.
Definition.― unless there is anything contrary to the subject or context, in this Act, -
(1) "Non-resident" means a person who is not a resident;
(3) "Exempted supply" means the exempted supply referred to in section 26;
(4) "Exempted import" means the exempted import referred to in section 26;
(6) "Economic activity" means any activity conducted regularly or continuously for the purpose of providing goods, services, or real estate; and
(A) It shall also include the following activities, namely: -
(Ii) Whether the business is a profession, a scholarship, a means of earning a living, the manufacture of goods, or an undertaking of any kind for profit;
(Ii) the supply of any goods, services or property by lease, license, or similar means;
(E) Any one-time commercial activity or enterprise; Or
(6) Any work performed at the beginning or end of such activities; However:
(B) It shall not include the following activities, namely: -
(Ii) The services rendered by the employee to his employer;
(Ii) Any service rendered by a director of the company:
However, in the event that the person assumes the position of the said director to conduct his business, the services rendered by him shall be economic activities;
(E) Any recreational activity or hobby which is not commercially conducted;
(6) Any activity prescribed by the Government, except for commercial purposes;
(6) "Advance tax" means the advance tax payable on imports taxable under section 31 (2);
(10) "Progressive" or "periodic supply" means:
(A) Any supply made under the terms of a contractual or periodic payment;
(B) Any lease, any provision made under the Hire of License (including finance lease); or
(C) Any supply provided directly for construction or engineering activities, building reconstruction or expansion;
If you are interested to the next part- Value Added TAX & Supplementary Duty ACT-2012(Part-06) please....
"Ancillary transport services" means services relating to loading and unloading of goods on a ship, services relating to goods, inspection services, preparation and processing of customs documents, container handling services, warehousing or storage services, and any other similar. Services;
"International transport" means the following transport of passengers and goods by road, sea, or air, excluding ancillary transport services, namely: -
(A) Transport from any place outside Bangladesh to any place outside Bangladesh;
(B) Transport from any place outside Bangladesh to any place within Bangladesh; or
(C) Transport from any place within Bangladesh to any place outside Bangladesh;
(15) "Resident" means a person who:
(A) Normally resides in Bangladesh; Or
(B) Resides in Bangladesh for more than 162 (one hundred and eighty) days of the current calendar; or
(C) Stays in Bangladesh for more than 90 (ninety) days of
any calendar and stays in Bangladesh for more than 365 (three hundred and
sixty-five) days in the four years immediately preceding that calendar; and It will also include the following entities, namely: -
(A) the Company, if it is incorporated under the existing laws of Bangladesh or its control and management center is located in Bangladesh;
(B) a trust, if one of the trustees of the trust resides in Bangladesh or the center of control and management of the trust is located in Bangladesh;
(C) any association other than a trust, if it is formed in Bangladesh or its control and management center is located in Bangladesh;
(D) all government entities; Or
(E) joint ventures for property development;
"import" means the importation of any goods from outside Bangladesh into the geographical limits of Bangladesh;
"imported service" means services provided to a registered or non-registered person from outside Bangladesh;
If you are interested to the next part- Value Added TAX & Supplementary Duty ACT-2012(Part-07) please....