EasyVAT is here to make your VAT Management Easy!
No matter what your profession or financial status is, if you clicked on this, then it’s quite clear that you need to know the basics of VAT management.
Understanding the ins and outs of VAT policy can sound a bit daunting at first. Every detail on VAT that is available on the internet is either too complicated or too general that many people click out before reaching the part that they wanted to know about.
Regardless of where you live or where your business is based on, if you have customers in Bangladesh, you must follow Bangladeshi VAT (value-added tax) rules.
That’s what this guide will do for you. This guide includes every detail you need to know about VAT laws in Bangladesh, no matter where your business is located.
The Advantages Of VAT management Software:
The existence of technology is to make your life easier. And a VAT management software does exactly that. Using VAT software makes VAT management easier than ever before.
Let’s Have A Look At The Advantages Of A VAT management Software:
Neutrality: The most significant advantage of the system is that it does not interfere in the choice of decision for purchases. The system is neutral about the choice of production techniques, as well as business organizations. All other things remaining the same; the issue of tax liability does not vary the decision about the source of purchase.
Certainty and Transparency: The VAT management software is a system based merely on transactions. Thus there is no need to go through complicated definitions like sales, sales price, turnover of purchases, and turnover of sales.
Easily accessible : VAT management software is also broad-based and applicable to all sales in business; thus there is little room for different interpretations. Similarly, due to the essential feature that it gives credit of tax paid on an earlier stage, the buyer will always ask for an invoice. Thus the scope of tax avoidance will be much less. The disputes will also be fewer. This system brings certainty to a great extent as the buyer knows what tax component is. Thus, the system ensures transparency also.
More Features Are. . .
Widespread Use: VAT is in use in well over sixty countries throughout the world. Usually, it is a transaction-based consumer tax applicable to both goods and services, with the invoice (on which the VAT management liability is shown separately) acting as the essential evidentiary document. It is neutral in effect, the tax liability on sales (outputs) being offset by the tax paid on purchases (inputs). It thus avoids further being charged extra.
Harmonized System of Taxation: Vat systems became popular because of its built-in advantage of harmonizing the tax structure. It leaves very little room for interpretation. Ideally, under VAT, there should be only one basic rate. In any case,...