Recognizing Marketplace In VAT Act Is A Milestone For The E-Commerce Industry1 min read
The leading Online Marketplace, Daraz Bangladesh appreciates the government’s efforts in providing a transparent and predictable regulatory framework by recognizing the marketplace definition in the VAT Act, said a press release. This clarity facilitates ease of doing business and encourages foreign investors to consider the sector for investment.
This strategic step is anticipated to fuel economic growth, foster job creation, and attract international players to contribute to the development of Bangladesh’s thriving e-commerce industry.
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AHM Hasinul Quddus Rusho, the Chief Corporate Affairs Officer (CCAO) of Daraz Bangladesh, commends the government’s clarification of the marketplace definition under the VAT Act. He stated,
“The government’s acknowledgment of the marketplace has resulted in a comprehensive clarification of its operations within the VAT Act, providing explicit guidance to industry stakeholders, including marketplaces, retailers, and transporters, regarding their specific VAT obligations and responsibilities. This is a significant achievement for the e-commerce industry and this timely governmental initiative will improve the business environment, attracting foreign investors to consider investments in this sector. Additionally, this clarification empowers the National Board of Revenue to readily identify VAT payers, thereby fortifying the VAT collection process.”
Notably, Daraz has been persistently demanding the definition of Marketplace for the betterment of the industry as a whole. The continuous pleading for this finally got heard. Daraz will continue working closely with authorities to ensure seamless implementation and contribute to a fair and transparent business environment by complying with all VAT regulations.
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