2020-05-21 23:46:56 BdST

Tax, VAT can be submitted later

The president on Wednesday issued two ordinances extending the time for submitting income tax, value-added tax, and supplementary duties in the time of natural disasters, including epidemics.

The VAT and Supplementary Duties (revised) ordinance 2020 and the Income Tax (Amendment) ordinance 2020 were signed by Naren Das, secretary of the Legislative and Parliamentary Affairs Division and published as gazettes on Wednesday.

The National Board of Revenue can extend the deadline for submitting taxes without charging fines.

The law ministry said the president issued the ordinance considering the situation of the country due to the novel coronavirus.

The VAT ordinance will be effective from April 1, 2020. The new section will be added to the existing VAT law's section 64, subsection (1), (1a) and (1b). 

According to the existing law, submitting VAT returns by the 15th of each month is compulsory.

The income tax ordinance will be effective from March 25, 2020.

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