In Bangladesh, a number of firms and consultancy companies provide professional services related to income tax, value-added tax (VAT), and regulatory compliance. These companies help individuals, businesses, and organizations comply with the laws and regulations administered by the National Board of Revenue (NBR).
Nature of Services
Income tax and VAT-related companies generally provide:
Tax Advisory & Planning
Strategic advice on minimizing tax liability within legal boundaries.
Guidance on corporate and individual income tax.
Return Preparation & Submission
Preparation and filing of income tax returns for individuals, firms, and companies.
VAT registration, return filing, and record maintenance.
Regulatory Compliance
Ensuring businesses comply with NBR rules and other statutory requirements.
Assisting with tax audits and disputes.
Corporate Structuring
Advising on company formation, mergers, and acquisitions from a tax perspective.
Helping with transfer pricing and cross-border taxation issues.
Training & Capacity Building
Organizing workshops and training on tax laws, VAT software (Mushak), and updates in tax policy.
Importance in Bangladesh
Economic Growth: Proper tax compliance contributes directly to government revenue and economic development.
Ease of Doing Business: These firms help entrepreneurs and companies manage their tax matters efficiently.
Legal Protection: By ensuring compliance, companies and individuals avoid penalties, interest, and litigation.
Examples of Services Providers
In Bangladesh, income tax and VAT-related services are offered by:
Chartered Accountancy Firms (e.g., KPMG Bangladesh, Hoda Vasi Chowdhury & Co., A. Qasem & Co.)
Law Firms specializing in taxation.
Individual Tax Consultants registered with NBR.
Corporate Service Providers assisting SMEs and startups with tax and VAT compliance.