SERVICES
TAX & VAT
Our approach to VAT Advisory includes the following:
1. Pre-Implementation Services
The Bangladesh Government has implemented Value Added Tax (VAT) with effect from December 10, 2012. All the businesses may not be geared up to meet the requirements of the VAT Law. It is imperative that the businesses in Bangladesh and elsewhere in the Bangladesh get expert services to enable themselves to be VAT compliant. Our pre-implementation service includes the following:
a) VAT Registration
- Provide assistance with registration of business entities individually or as a group
b) Business Impact Analysis
- This includes assessing the VAT readiness of the entity and implications of VAT on business transactions
- Identifying gaps in the existing system
- Mapping of transactions based on the VAT Law
- Studying the impact on working capital
c) VAT Implementation & Transitional Support
- Structuring transaction flows and helping to create an operating model for the entity
- Assist in aligning business practices with VAT regulations
- Handholding through the initial phase
- Selection of accounting software
2. Post Implementation Services
a) Transaction Advisory
- Provide guidance for industry-specific transactions
- Provide guidance for treatment of international transactions & its VAT implication
- Recommending best business practices prevailing in the industry
- Advising and developing transaction flows
b) VAT Compliance
- VAT Health check-up
- Submission of VAT returns
- Guidance in preparation of books of accounts and other accounting records as per VAT Laws
c) VAT Training
- Organize and provide training to the finance, sales and management of different entities catering to specific industries. Our training package covers the following key areas:
- Applicability of VAT for the business (Relevant provisions pertaining to the business are discussed)
- Recording of VAT related transactions
- Preparation & submission of return
- Accounting for reverse charges
- Maintenance of accounting documents & other supporting documents
d) VAT Accounting
VAT system is transaction based taxation system which requires accurate recording of revenue, costs, output VAT, input VAT etc. A good accounting system with proper controls is the need of the hour. Our Team of professional accountants will help you in establishing the controls and maintain accurate books of accounts in compliance with the VAT Laws. If you are looking for VAT consultancy, advisory and implementation services in Dhaka and other cities in Bangladesh, please get in touch with us today.
