Amazon and Google, two of the world’s most leading companies are now up for doing business in Bangladesh. Now they can run business in Bangladesh swiftly as they will now pay a 15 % VAT on their earnings from Bangladesh to the govt. and submit their total turnover returns at the end of the year.
Google is mainly popular as a search engine around the globe with email service and web browser. It also has various online tools for devices around the world. In 2020 alone Google earned a revenue of $ 181 billion by its advertising wing- Google Ads. It has mobile businesses and other online cloud-based businesses as well. Play Store, Chrome book, Android are significant to name a few.
Amazon also ranks as the biggest company in the world after Apple. Amazon had a market capitalization of over $ 1.7 Trillion.
Advertisers around the world pay these companies through international credit cards.
They now have obtained a Business Identification Number (BIN) for operating business in Bangladesh from the National Board of Revenue (NBR). This is the first time in the history of Bangladesh, two non-residential companies agreed to register for Business.
This is a much-appreciated move by the companies in Bangladesh as many other companies will just follow the steps. This is a well beginning for Bangladesh and business in the area.
“A Bin was issued for Google on Monday and for Amazon on Thursday,” says NBR’s VAT online Project Director, Kazi Mostafizur. Copies of registered documents were sent to PricewaterhouseCoopers (PWC), a consultant for both the companies in Bangladesh.
Google registered under the name The Google Asia-Pacific Pte Ltd. On the other hand, Amazon was registered under the name Amazon Web Services Inc.
Currently, Google has 70 offices worldwide and operates in 40 countries. Amazon also runs offices in 17 countries. Both Amazon and Google have offices in India.
Companies like Google, Amazon, and Netflix were trying to register their business in Bangladesh as early as 2019. There were problems in the process back then but now it is solved.