Subscribe Now

* You will receive the latest news and updates on your favorite celebrities!

Trending News

Two Global Tech Giant Google and Amazon Register for Business in Bangladesh

Two Global Tech Giant Google and Amazon Register for Business in Bangladesh 

Two Global tech giant Google and e-commerce company Amazon have filed for Business Identification Numbers (BIN) in Bangladesh for the first time.

Both companies will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year.

According to National Board of Revenue  officials, this decision will expedite the process of such companies creating operations in Bangladesh and pave the way for companies such as Facebook to register here as well.

Google currently has 70 offices in 40 countries, whereas Amazon has offices in 17 countries. Google’s ubiquitous search engine, email service, web browser, and other internet tools are used by billions of people every day at work, at home, and on the go. 

Google Ads, the company’s proprietary advertising program, accounted for the majority of Google’s 181 billion-dollar income in 2020.

On the other hand, Amazon as one of the world’s top market value had a market capitalization of $1.7 trillion as of February 5, 2021.

Despite the delays, revenue officials said the state had been receiving VAT because banks had deducted the VAT from payments made to IT firms by local businesses and individuals.

Pramila Sarker, additional commissioner of the VAT Commissionerate Dhaka South, under which Google and Amazon got business identification numbers,  Said that “Now, they will file returns and deposit VAT through their local agent. We expect a good amount of VAT from them,”

Last week, Google Asia Pacific Pte, based in Singapore, and Amazon Web Services Inc, located in Seattle, signed up for registration.

PwC Bangladesh will work as a local consultant for the two global firms based in the United States.

Since businesses are increasingly relying on presenting their adverts digitally through Google, Facebook, and other digital platforms, the NBR opted to include IT companies in its tax net.

According to industry insiders, the government did not receive much VAT from advertising that ran on Facebook, YouTube, Google, and other digital platforms since a large portion of payments were not routed through banking channels.

After these two global tech giant Google and Amazon register for business in Bangladesh; Officials now anticipating that additional worldwide digital businesses to follow suit and register for VAT in the country.

Read More: How To Communicate Traction To Investors

Related posts

Leave a Reply

Required fields are marked *