The National Board of Revenue (NBR) is preparing itself to audit the VAT returns of global technological giants to ensure proper collection from them.
Currently, the non-resident companies like Google, Facebook, Amazon, Netflix submit their returns stating financial details.
But the NBR is yet to develop any mechanism to verify the actual payable value added tax (VAT) by them.
Preparation of an audit manual with specific guidelines for scrutinsing the furnished information in their VAT returns is under process, VAT (Implementation and IT) member Dr Abdul Mannan Shikder told a press briefing on Thursday.
The NBR organised the briefing at its premises on occasion of a lottery draw for the EFDMS users.
"We believe that the non-resident companies obtained VAT registrations are well-reputed with a good image and they are paying VAT at the right amount," Dr Shikder said.
There is an allegation that the tech giants are currently subject to double taxation due to deduction of VAT by banks at the time of remitting the profit and from the service seekers.
Responding to a question, Dr Shikder said the VAT law has the provision to claim or adjust the additionally paid VAT. So, there is no scope of double taxation.
He revealed the data of VAT receipts from the businesses with Electronic Fiscal Device (EFD).
During the month of April this year, he said, the NBR received a total VAT of Tk 290 million, on an average nearly Tk 10 million each day, against the sales of Tk 4.05 billion by the EFD-installed businesses.
Some 4,578 EFDs and Sales Data Controllers (SDCs) have so far been installed in different businesses.
The NBR has targeted to install 4,000 more EFDs by this fiscal year in Dhaka and Chattogram.
The NBR arranged the 16th lottery draw on the EFD-generated invoices from April 1 to 30, 2022.
The NBR organises the lottery draw on the fifth day of every month to encourage people to purchase goods from the EFD-installed shops.
