Both the companies, Google and Amazon, will now pay a 15% VAT on revenue derived from Bangladesh, and submit returns on the total turnover at the end of each year. Two of the world’s largest tech giants Google and Amazon have obtained their Business Identification Number (BIN) from the NBR. Obtaining BIN is a mandatory requirement for any business operating in Bangladesh.
At present, Google operates in 40 countries around the world, having set up 70 offices. On the other hand, Amazon has offices in 17 nations. Amazon ranks as one of the world’s top companies by market value. Both the companies have local offices and entities in India, including the biggest office of Amazon in Hyderabad. For the first time ever, two non-residential companies have registered for BINs in the country. This move will speed up the process of such companies opening their offices in Bangladesh, and clear the way for corporations like Facebook to register here as well, NBR officials told The Business Standard. Last year, Facebook Inc appointed an agent to do business in Bangladesh after facing pressure from the NBR. The company’s agent has been paying VAT to the board, but Facebook still does not have a BIN in Bangladesh. Due to the booming e-commerce sector and the fact that nearly all of the large companies are now advertising on digital media. Tech giants such as Google, Amazon, and Facebook are making around Tk 3,000 crore from Bangladesh annually, industry insiders have said.