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  • Consequence of Noncompliance and Power of VAT Officer 10032023

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    Khadeeza Shammee
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    4 views4 pages

    Consequence of Noncompliance and Power of VAT Officer 10032023

    Uploaded by

    Khadeeza Shammee

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 4
    Non-compliance covers a wider range of situations starting from registration to the collection and payment of VAT as per the provisions mentioned in VAT & SD ACT, 2012. According to Section 85 of the VAT & SD ACT, 2012 an assessed may be penalized for the following offences: If any person: a Non-compliances or irregularities ‘Amount of monetary penalty (a) | Non-compliance or irregularity for not applying for | 10 (ten) thousand taka only registration or enlistment within the prescribed time-limit; (b) | Non-compliance or irregularity for not displaying the | 10 (ten) thousand taka only tegistration or turnover tax certificate in a visible place; (©) | Non-compliance or irregularity for not informing the | 10 (ten) thousand taka only Commissioner of the change in the information of the economic activity: (@ | Non-compliance or irregularity for not applying for | 10 (ten) thousand taka only cancellation of registration or enlistment within the prescribed time-limit (e) | Non-compliance or irregularity for not abiding by the | 10 (ten) thousand taka only provision of section 9(5); ( | Non-compliance or irregularity for not filing the VAT or ) thousand taka only turnover tax return within the prescribed time period; (g) | Non-compliance or irregularity for not making Twice the amount of output inclusion of the output tax in the return; tax not included; (h) | Irregularities for taking more input tax credit than | Twice the amount of input tax entitlement in the return; irregularly taken; (@ | irregularity relating to making an increase of a | Twice the amount of increased decreasing adjustment or making a decrease of an| decreasing adjustment or increasing adjustment in the return; twice the amount of decreased increasing adjustment; @ | Non-compliance or irregularity for not issuing tax | 10 (ten) thousand taka only invoice, credit note, debit note, combined tax invoice and withholding certificate; (8) | Non-compliance or irregularity for not keeping records in | _ 10 (ten) thousand taka only the prescribed manner; @ [Non-compliance or irregularity for not furnishing fixed | 10 (ten) thousand taka only security; (m) | Irregularity for willingly evading or attempting to evade | Twice the amount of taxes assessment and payment of taxes; evaded, (n) | Non-compliance or irregularity for not filing the input- | 10 (ten) thousand taka only output coefficient within the prescribed time period; rae) Meta | faite afar a Q) ® (9) @ lfdifae MA wey Pag Ai]yo (HA) Bera OTST AG wirergies Gay ata At Fiat] aget at afar; (® |faer st brieety FA AqMAG|So () Bets DIT Ala qarace aria at sftata aera orf; @ [Rafe mats wey adefSslso we) Seats brat ate arey mite wrya fsa acs SRPTAT HAAS At Fiera ager at afar; @ ([Adfae asta qer Paar

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