Compliance of vat act 1991 –a study on square toiletries limited

Abstract

Value Added Tax or VAT was introduced in Bangladesh in 1991, replacing the effect of sales tax. VAT was introduced in Bangladesh with the aim greater revenue generation for the government and stimulating economic growth in the country. The set of laws that guide the scope of VAT, Turnover Tax and Supplementary Duty in Bangladesh is known as VAT Act 1991. The VAT Act 1991 contains over 70 laws that guide a business in VAT related issues, from registration to penalties of non-compliance; it also dictates the structure of the VAT authority and the power they may exert upon businesses regarding the three taxes within the realm of the Act if situation demands. This report discusses certain selected laws of the VAT Act 1991 and Square Toiletries Limited’s stance in terms of compliance. The Report is divided into Five Chapters. In the report, introductory part has been discussed in the chapter one. This chapter covers introduction of the study, origin of the study, objectives of the study, Methodology and the limitations of the study.