Related Keywords: All limited companies to deduct VAT at source, as per old VAT law, BGAPMEA, BGMEA, BKMEA, BTMA, comes in force next July, National Broad of Revenue, New VAT law allows only public limited companies, withdraw VAT at source from consumers
Currently, all limited companies have to deduct VAT at source while receiving supplies and deposit the money with the exchequer as per the VAT law 1991. But the new VAT law allows only public limited companies to withdraw VAT at source from consumers.
Only public limited companies (PLCs) will have to deduct the Value Added Tax (VAT) at source from supply chain partners under the new VAT and Supplementary Duly Act, officials said.
Private limited companies will not deduct VAT at source from suppliers under the new VAT law that comes in force next July.
