What is Fine/Penalty for Non-submission of VAT return?
In Bangladesh, the fine/penalty for non-submission of a VAT return (Mushak-9.1) is governed by the VAT and Supplementary Duty Act, 2012.
Here's a concise breakdown:
- Penalty for Late Submission: A fine of BDT 5,000 is imposed for failing to file the VAT return by the prescribed due date (typically the 15th of the following month). This penalty can be applied each month, or for any part of a month, that the return is not submitted.
- Interest on Unpaid VAT (if applicable): Beyond the penalty, if the return's non-submission also means that VAT wasn't paid on time, interest will be charged. This interest is typically 1% per month on the overdue VAT amount, calculated from the day after the due date until the actual payment date.
- It's crucial for businesses to
file their VAT returns accurately and on time to avoid these financial
penalties and interest charges.
Tags:
VAT& TAX (Corporate)