BB directs banks to comply with VAT rules

Bangladesh Bank yesterday asked all banks to comply with the revenue authority's rule of paying 15 percent VAT on directors' honorarium for attending board meetings.
The central bank's move came after the National Board of Revenue issued a notice on VAT payment.
VAT is payable on fees or honorarium paid to persons for attending board meetings or annual general meetings of government, semi-government, nongovernmental and international organisations in Bangladesh, autonomous bodies, banks and insurance and limited companies, according to NBR.
VAT is deductible at source, the tax administrator said.