Part 1

Chapter 1

Profile of the Organization

(Incepta pharmaceuticals ltd.)

Incepta Pharmaceuticals Ltd. is a leading pharmaceutical company in Bangladesh established in the year 1999. The company has a very big manufacturing facility located at avar! "# $ilometer a%ay from the center of the capital city &ha$a. The company produces various types of dosage forms %hich include tablets! capsules! oral li'uids! ampoules! dry po%der vials( po%der for suspension! nasal sprays etc. ince its inception! Incepta has been launching ne% and innovative products in order to fulfill unmet demand of the medical community. The focus %as to bring more ne% technologically advanced molecules to this country. The company speciali)es in value added high technology dosage form li$e sustained release tablets! 'uic$ mouth dissolving tablets! barrier coated delayed release tablets etc. It has established a modern research and development laboratory for the development of ne% advanced dosage forms for various drugs and devices li$e poorly soluble drugs! dry po%der inhalers! coated pellets! modified release products! taste mas$ed preparation etc. Incepta 'uic$ly developed a very competent sales team! %hich promotes the specialties throughout the country. The company virtually covers every single corner of the rural as %ell as urban area of Bangladesh. It has its o%n large distribution net%or$ having 1" depots all over the country. The company has a clear vision to become a leading research based dosage form manufacturing company %ith global presence %ithin a short period of time.

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The *esearch and &evelopment department for various dosage forms has been very %ell developed. Incepta intends to bring ne%er products of advanced technology through research hitherto un$no%n in this country. uch activities %ill not only benefit the company but also the total pharmaceutical sector of the country. In the post 2++# era! the company also intends to embar$ into the production of ,ctive Pharmaceutical Ingredient (,PI-. Plans are under%ay to get into reverse engineering and analogue research in order to produce ne% ,PI. The company is no% e.panding its activities beyond the geographical boundary of Bangladesh. The products are of high standard and therefore these %ill be e.ported to both developed and developing countries. The company is open to collaborate %ith interested parties in various countries. The future is %ide open and the opportunities are bountiful. Incepta %ill continue to strive to provide high 'uality medicine at affordable prices to the people here in Bangladesh and other parts of the globe.

Incepta at glance

Name of the company Address

: Incepta pharmaceuticals limited : Head office /+. hahid Ta0uddin harani! Te0goan Industrial ,rea! &ha$a112+2! Bangladeh : Factory Bara *angamatia! 3irabo! avar! &ha$a

Telephone Fax E mail

: 422+1222"5211126 422+12122"59/61/9 422+12122"59#2 7 mu$8inceptapharma.com ehsan8inceptapharma.com

!e"site #ear of esta"lishment Form of company Total n$m"er of employees %apital 9alue of ,uthori)ed capital Paid up capital; reserves

7 %%%.Inceptapharma.com 7 1999 7 private limited 7 "+#+

7 16.++ million : & 5.#+ million : & ;/.16 million : &

Total sales t$rno&er <ear =.port sale (thousand : &&omestic sale (million : &#2.1/ /1.1/ "6.56 "+ 2".5 2++2 ""#+ 2++5 2/22 2++6 /#+ 2++# 1 2++/ 1

'ro(th )ate

<ear Turnover(> -

2++2 25."6

2++5 15.1+

2++6 2/.2+

2++# 26.#2

2++/ /6.29

'eneral Prod$ct
Ta"lets %aps$les *i+$id in,ection ampo$les Eye drops Inf$sion "ags Inf$sion "ottles *i+$id in,ection &ials .ry &ial for in,ection Nasal spray %ream/ointment/shampoo Oral li+$id Po(der for oral s$spensions 0achet of oral po(der : : : 7 : 7 : : : : : : 7 192+.++ ?illion;<ear 12+.++ ?illion;<ear 2/.96 ?illion;<ear ".++ ?illion;<ear 1.92 ?illion;<ear .2+ ?illion;<ear -.6+ ?illion;<ear 2.5+ ?illion;<ear 2.#5 ?illion;<ear #.26 ?illion;<ear 29./2 ?illion;<ear ".2+ ?illion;<ear 19.2+ ?illion;<ear

*yophilized &ials Pre filled syringes

: :

1.2+ ?illion;<ear 1.2+ ?illion;<ear

Export
Existing 1ar2et3%o$ntries): ,fghanistan! Beli)e! Bhutan! @ongo! @osta *ica! @ambodia! &ominican republic! =I alvatore! =thiopia! Auyana! Aeorgia! hon$ Bong! Conduras! Benya! ?yanmar! ?ongolia! ?auritania! rilan$a! omalia! Togo! Ta0i$istan! tur$ey! :$raine! 9ietnam.

F$t$re 1ar2et 3%o$ntries): ,lgeria! ,ngola! ,rgentina! bra)il! Bolivia! Belarus! @anada! Aabon! Ba)a$hstan! ?e.ico! morocco! Peru! Datar! Tur$menistan! : ,! 3imbab%e. ingapore! enegal! yria! TrinidadE Tobago!

Position in the ind$stry

,ccording to I? health survey! Incepta is currently 2 nd position in 2++2 %ith highest gro%th rate among the top 1+ companies here in Bangladesh.

Chapter 2

National 4oard of )e&en$e5 4angladesh 3N4))

The Fational Board of *evenue (FB*- is the central authority for ta. administration in Bangladesh. ,dministratively! it is under the Internal *esources &ivision (I*&- of the ?inistry of Ginance (?oG-. ?oG has " &ivisions! namely! the Ginance &ivision the Internal *esources &ivision (I*&- and the =conomic *elations &ivision (=*&-. =ach division is headed by a ecretary to the Aovernment. ecretary! I*& is the e.1office @hairman of FB*. FB* is responsible for formulation and continuous re1appraisal of ta.1policies and ta.1la%s in Bangladesh. Fegotiating ta. treaties %ith foreign governments and participating in inter1ministerial deliberations on economic issues having a bearing on fiscal policies and ta. administration are also FB*Hs responsibilities. The main responsibility of FB* is to mobili)e domestic resources through collection of import duties and ta.es! 9,T and income ta. for the government. ide by side %ith collection of ta.es! facilitation of international trade through 'uic$ clearance of import and e.port cargoes has also emerged as a $ey role of FB*. Ither responsibilities include administration of matters related to ta.es! duties and other revenue related fees;charges and prevention of smuggling. :nder the overall control of I*&! FB* administers the e.cise! 9,T! customs and income1ta. services consisting of "/"/ officers of various grades and 1+19# supporting staff positions.

Fational board of *evenue (FB*- has three %ings li$e1 Income Ta.! 9alue ,dded Ta. and @ustoms duty.

National 4oard of )e&en$e 3N4))

Income Tax

6al$e added tax 36AT)

%$stoms

*arge Taxpayer 7nit 3*T7)

1+

Chapter 3

11

6al$e Added Tax 36AT):

9alue ,dded Ta. (9,T- %as introduced in Bangladesh in 1991 by passing the 9alue ,dded Ta. ,ct! 1991 in the parliament. ,fter seventeen years of its introduction! thousands of changes have been done in the 9,T system including its management. Bangladesh 9,T has shifted far a%ay from the international practices in some cases. 9,T a percentage ta. on the value added of a commodity or service as each constituent stage of its production and distribution is completed. 9,T may be classified in three %ays7 (I- In the basis of coverage of stages 1 throughout the production and distribution stages! or confined to limited stages 1 manufacturing plus %holesale! or %holesale plus retail( (ii- In the basis of the method of calculation 1 ta. credit method! subtraction method! and addition method( and (iii- In the basis of ta. treatment of final1product capital goods such as machinery! e'uipment! and supplies 1 the consumption form! the income form! and the product variety. Thus the three broad types of 9,T are the gross national product (AFP- type! income type and consumption type. , consumption type 9,T is an indirect ta.. ,n income type or a AFP type 9,T might be considered as a direct ta. but a commodity ta. cannot be considered so. @onsumption type 9,T is also considered as an alternative form of Hsales ta.H. In ,pril 1959! the Ta.ation =n'uiry @ommission (T=@- officially too$ up the issue of introducing 9,T in Bangladesh as an alternate to sales ta.. :ntil 1922! sales ta. %as being collected under the ales Ta. ,ct 19#1! %hich %as replaced by the ales Ta. Irdinance 1922 %ith effect from 1 July 1922. The Korld Ban$ played the pioneering role in introduction of 9,T in Bangladesh. , Korld Ban$ ?ission visited Bangladesh

12

for preparing an agenda for ta. reform in Bangladesh in &ecember 1926. The mission submitted its final report on 1# Ictober 1929. The report recommended the introduction of a manufacturing1cum1import stage 9,T at a single standard rate %ithin three years. Thereafter! a Bangladesh Ta. ?ission visited India! Indonesia! the Philippines and Thailand during 1" Fovember 1 +/ &ecember 1929. The ?ission submitted its report in January 199+. The government discussed the issues relating to introduction of 9,T %ith all related private and public agencies including the various leading @hambers of @ommerce and Industry from time to time. The government prepared the 9alue ,dded Ta. ,ct 199+ (&raft- in June 199+. Ginal version of the 9alue ,dded Ta. ,ct %as promulgated "1 ?ay 1991 as a Presidential Irdinance %ith eight sections (relating to registration under 9,T system and the appointment and po%ers of 9,T authorities-. It %as made effective from 2 June 1991. The 9alue ,dded Ta. Bill 1991 %as introduced in the Parliament on 1 July 1991 and the Parliament passed it on 9 July 1991. Kith the Presidential assent to the bill on the ne.t day it came into effect as The 9alue ,dded Ta. ,ct 1991. The 9,T ,ct 1991 replaced the Business Turnover Ta. Irdinance 1922 and the ales Ta. Irdinance 1922 %ith effect from 1 July 1991. It imposed 9,T 8 1#> on importer or supplier (producerof ta.able goods and provider of ta.able services having annual turnover of T$ 1.# million or more. It imposed Turnover Ta. (TT- 8 2> (currently />- on supplier of ta.able goods and provider of ta.able services having annual turnover of less than T$ 1.# million (T$ 2 million at present-. The ne% la% imposed 9,T at )ero1rate on e.port sales of any goods and services! brought e.cise duties on most goods under the 9,T net! and imposed upplementary &uty ( &- 8 1+> to 2#> on goods and services %hich are lu.urious and non1essential and are socially undesirable. The standard ta. rate for 9,T has been fi.ed all along at 1#> (for ta.able goods and services-. The adoption of truncated value1bases caused multiplicity of practical ta. rates! but 9,T rate is a single! flat or uniform one. The rate of turnover ta. (TT- is also uniform at /> (2> up to 11 June 1995-. But the rates of supplementary duty ( &- are multiple. ,t the beginning (G< 1991192-! there %ere five different rates %hich ranged from 1+> to 2#>. Fe.t rates %ere eleven in number and ranged from #> to "#+>. Gor 1"

G< 2+++1+1! there are "1 different rates that ranged from 2.#> as on coffee to "#+> as on cigarettes. Highlights of 6AT: (I- 9,T is imposed on goods and services at import stage! manufacturing! %holesale and retails levels( (ii- , uniform 9,T rate of 1# percent is applicable for both goods and services( (iii- 1# percent 9,T is applicable for all business or industrial units %ith an annual turnover of Ta$a 2 million and above( (Iv-Turnover ta. at the rate of / percent is leviable %here annual turnover is less than Ta$a 2 million( (v- 9,T is applicable to all domestic products and services %ith some e.emptions( (vi- 9,T is payable at the time of supply of goods and services( (vii- Ta. paid on inputs is creditable; ad0ustable against output ta.( (viii- =.port is e.empt( (i.- @ottage industries (defined as a unit %ith an annual turnover of less than Ta$a 2 million and %ith capital machinery valued up to Ta$a "! ++!+++- are e.empt from 9,T( (.- Ta. returns are to be submitted on monthly or 'uarterly or half yearly basis as notified by the Aovernment.

Tax 4ase for 6AT

Import 0tage: @ustoms ,ssessable 9alue 4 @ustoms duty 4 upplementary &uty

1/

a- Aoods (manufacturing-7 LProduction cost 4 Profit and .omestic/*ocal 0tage: @ommission (if any- 4 upplementary duty (if any-M b- ervices7 Ltotal receipts e.cluding 9,T but including supplementary duty (if any-M

Tr$ncated 4ase / Fixed 6al$e Addition: In some of the cases of goods and services producers and sellers face difficulties in availing 9,T credit;ad0ustment facilities due to non availability of invoices from the sellers of input. In order to remove this operational difficulty fi.ed bases such as 1+>! 2#>! "+>! and 6+> value addition is ta$en into account for calculation of 9,T for a number of goods and services. In such circumstances net 9,T rate for different rates of value addition comes to 1.#>! 2.2#>! /.#> and 9>. 6AT at the (holesale and retail stage: In case of %holesalers and retailers! there is a special provision for a 1.#> percent 9,T $no%n as Trade 9,T on the total sale! provided that the %holesaler;retailer do not avail the facility of input credit;ad0ustment. uch ta. is also collected at the import stage from importers of finished goods as an advance trade 9,T. Tariff 6al$e for imposition of 6AT: :nder the 9,T La%! the government is empo%ered to fi. Tariff 9alue for some items for the collection of 9,T. =.ample7 tariff value for mild1steel products produced from imported;locally procured re1rollable scraps is TB /+++.++ per ?T. Formal 9,T input credit is also not available under this system. .ed$ction of 6AT at so$rce: ,s deduction at source is also practiced in case of 9,T on certain services! Aovernment! emi1Aovernment! ,utonomous Bodies! FAIs! Ban$s! Insurance @ompanies and Limited @ompanies are authori)ed by the government to deduct applicable 9,T on the services at source.

1#

Chapter 4

16

*arge Taxpayer 7nit 3*T7)

,iming modern ta. administration LT: starts functioning since Fovember! 2++". The government of Bangladesh %ith support from &epartment for International &evelopment (&GI&- too$ the tas$ of reforms in direct ta. E 9,T %ing of the Fational Board of *evenue. The government has designated the Large Ta.payers :nit as the pilot )one for the implementation of the reform in direct ta..

Focal point of *T7 *eorgani)ation of ta. administration E formation of LT: %ith follo%ing functional %ings1 Taxpayer ser&ice (ing )e&en$e acco$nt (ing Tax collection enforcement appeal (ing A$dit (ing

Others o",ecti&e of *T7:

Introduce modern techni'ues of ta. administration. Improvement in the management of data and information systems (?I -. Better services for the ta. payers. Increase income ta. revenue. Increase 9oluntary @ompliance of the ta.payers. Increase Professionalism in ta. administration

The s$ccess of *T7

15

Ta.payer friendly environment has been established Gacilitation of ta.payer service has been performed ?utual trust E confidence has been established Ta. compliance cost has been minimi)ed , modern IT1based automation system has been developed in ta.payer service %ing! collection %ing E other %ings. *evenue collection target has been increased tremendously. In 2++/12++# G<!revenue collection %as only 1/5# crore ! In 2++512++2 G<! collection has reached to /+/2 crore %ith same 0urisdiction. Less cost *evenue earning Cassle free &eclaration of Ta.payers @harter

87)I0.I%TION Ban$s Insurance @ompanies Ither Ginancial Institute (Investment E leasing companies?obile Telephone @ompanies @ement @ompanies #+ 61 "" +6 +9

Pharmace$tical %ompanies
?anufacturing @ompanies Fe%s Papers &irector of the above @ompanies TOTA*

99
1+5 +/ 5+6 :;<

Part 2
12

Chapter 1

19

Introd$ction to the )eport

)ationale of the 0t$dy

2+

I %ant to study the 9,T system of pharmaceutical company to learn deeply of the 9,T process of the industry. ,s a student of BB,! specifically accounting and finance ma0or I have to $no% the ta.ation of our country. Because of scarce time! I canNt go for %hole ta.ation process. company as a case. o this study %ill give me a good base on my theoretically study of accounting and finance courses and %ill lead confident of my future career. o I select the only 9alue added ta. (9,T- system of the pharmaceuticals industry. ,nd for this purpose I choose the incepta pharmaceutical

0tatement of the Pro"lems

Co% pharmaceutical company deals %ith 9,T authority for goods sale purpose. The study on pharmaceuticals company(Incepta pharma- is ta$en to understand the 9,T process during goods sale.

0cope and .elimitation of the 0t$dy

@overage7 I %ant to cover only the pharmaceutical company and their vat system. I am doing my internship on incepta pharmaceutical ltd as my re'uirement of completion BB, program and i am %or$ing specially of 9,T process of incepta. Gor this purpose I have to go the large ta.payer unit (LT:- in FB*. o I have enough scope to study the vat system of incepta and subse'uently the pharmaceutical industry.

Limitation7 ,s an internee! I have limited time to %or$ %ith incepta and their vat system. ,lso! people %ho are involved in the vat process %ill not be interested to disclose their information %ith me. In addition! I have short time to complete the study and submit the report. o overall I have some limitation %hich I %ill try my best to recover.

O",ecti&es of the 0t$dy:

21

Broad;Aeneral Ib0ective7 To $no% 9,T process of pharmaceutical company during goods sale

pecific Ib0ectives7 To $no% 9,T processing system of manufacturing company. Co% pharmaceutical company deals their price declaration in the FB*. Bno% about the import 9,T and e.port 9,T process. &ealing about! price declaration on tender in FB*.

1ethodology of the 0t$dy:

Primary data7 Primary data is collected by intervie%ing the managers from the internship activities on Incepta. Gor this purpose! people %ho are involved on the vat process of incepta and LT: are selected. o sample %ill be selected on the random basis. In addition! some statistical application li$e1 percentage! mean! graphs and table might be on final report. econdary data7 econdary data %ill be collected from7 Incepta Pharmaceutical ltd.(KebsitesFational board of revenue(FB*Ither pharmaceuticals company ,nd previous report (if any-

22

Chapter 2

6AT flo(s of pharmace$tical company 3Incepta)

2"

Pharmaceutical company produces pharmaceutical goods and their vat process goes on as their production process going on. ,t the very beginning company have to purchase their ra% material and have to pay vat e.penses. ,fter %rite it do%n on their purchase register they can get the rebate. ,t the time of %or$ in Process @ompany need to accumulate on treasury. Then company can sell their product and have to pay the vat payable amount. Ginally companies have to submit the 9at return! %hich include all the summary of vat process. Pharmaceutical companies particularly deal %ith pharmaceutical goods! so goods sale is the most important stage of these industry. ,nd during the goods sale stage they have to maintain a standard process dealing their 9,T %ith the 9,T authority. @ompanies also have to follo% some formalities before goods sale and after goods sale. Co%ever companies can sale their goods in different forms and subse'uently process %ill be a little bit different.

Ill$stration of 6AT process d$ring goods sale: Incepta Pharmaceuticals Ltd %ants to produce and sell some pharmaceutical goods. &uring the production stage Incepta needs to follo% the rules of FB*. Khen the product is finally ready for sale! Incepta also needs to comply %ith FB* rules and regulation for their 9,T process. Gor instance7 Incepta %ants to sell their final product %orth ta$a 1++!+++ but before sale the product Incepta should follo% some rules %ith FB*. They have to declare price and ingredients of single product and total %orth of 1++!+++ ta$a. ,fter e.amine price declaration! if LT: (Large Ta.payer :nit- permit Incepta only then Incepta can sell their product.

2/

Incepta can sell their product in different form. They can sell their product in locally! can e.port! can sell on tender and also sell on contractual basis. Incepta need to pay 9,T in every form of sale e.cept the e.port. Co%ever to get 9,T e.ception Incepta %ill need to submit an application sho%ing they are e.porting the product. If the sale is on contractual basis! Incepta need to submit all document regarding the contract. Incepta need to submit the challan to the LT: sho%ing the sell of ta$a 1++!+++ after sale product. If some product return to Incepta! should %rite on credit note and it should need to submit on LT:. o! these are formulation for Incepta before the goods sale! during the goods sale and after the goods sale.

2#

, flo% chart sho%ing the 9,T process of Pharmaceutical companies during the goods sale is adopted7

'oods 0ale 0tage

4efore goods sale

'oods sale

After goods 0ale

Price declaration on *T7

*ocal

%hallan

Export
Price declaration of tender on

%redit Note

*T7

0ale on tender
%ontract$al 0ale

4efore 'oods 0ale:

26

,fter completed all the process to reach the final product goods are ready for sale. Co%ever before sale the product company have to do some formal procedure %ith the vat authority i.e. LT:. Price declaration: Before sale the product to customer and if the product is ne% then company need to disclose individual product price on LT:. ,t the price declaration time company need to enclose ?usho$11 and ,nne.ure copy of each product.

1$sho2 9

25

Chapter 3

22

'oods 0ale
.ifferent forms of sale: ,fter all the formalities have done company can sell its product to customer. Product can sale in different form li$e7 *ocally: If the product is sale on local mar$et then company have to pay 9at and ad0ust it %ith the treasury. Export: If the product is e.ported than company %ill get vat e.emption and get rid of paying vat. Gor the e.port purpose company need to follo% some formalities %ith the LT:.

29

0ale on tender: Product also can sale on the tender base. ,t this time company have to sho% all documents related the tender on LT:. %ontract$al sale: @ontractual sale is sale of product to the other pharmaceutical company. Gor e.ample1 if Incepta sale some product to the Be.imco pharma! general pharma.

o company can sale their product on different %ay and they have to pay vat accordingly. Co%ever companies get benefit if they e.port their product.

"+

Chapter 4

"1

Formalities after sale:

,fter sale the product companies also need to comply %ith different formalities %ith LT:. ome of the formalities they have to face are7

%hallan: ,t the time of product ale @ompany %rite it do%n on @hallan boo$. ,nd this @hallan copy should give to the LT: and pay the amount of vat payable. o vat payable is accounted on the base of the @hallan and this @hallan is recorded on ?usho$111.

1$sho2 99

"2

%redit Note: ,fter sale the product! if some product returns for any reason then this is recorded on @redit note. @redit note is send along %ith products to the seller. eller need to sho% it to the LT: and get rebate from vat paying. @ompany need to %rite credit note on ?usho$112.

1$sho2 9=

""

%$rrent Acco$nt: @urrent account is the summary of current situation of all vat direction. ?usho$112 is used for the current account purpose. In ?usho$112! transaction description! purchase and sales register! ta. rebate! ta. payable! accumulate on treasury and finally closing balance are disclosed.

1$sho2 9;

"/

0ales register7 ,fter sell the product! company need to %rite do%n it on sales register. ?usho$115 is used for the sales register purpose.

1$sho2 9<

"#

6AT )et$rn: 9at return is the final form of the vat direction. Gor this return purpose! ?usho$119 is used. In this ?usho$! company need to disclose vat e.penses! vat rebate! accumulate on treasury! vat payable and finally summary of all vat procedure. 9at return is similar li$e current account because of its information disclose. Co%ever current account has ma0or differences %ith the vat return. @urrent account is done on the daily activity basis but 9at return is done on periodically basis and 9at return is the main form of 9at direction.

1$sho2 9:

"6

Chapter 5

"5

0$ggestions
9,T system is one of the most important and comple. part for pharmaceuticals company. The current procedure follo%s by pharmaceutical company has some unstructured problems. ,lso Large Ta.payer :nit (LT:- has some unsystematic procedure. o some recommendation goes for both LT: and pharmaceutical companies7

*arge Taxpayer 7nit 3*T7) Large Ta.payer :nit (LT:- is currently done almost every %or$ by manually. They chec$ different ?usho$ form li$e1challan! credit note! current account! 9,T return by manually. ,lso price declaration! price declaration on tender and e.port allo%ances are done on similar %ays. o this procedure has unsystematic flo%s and time consuming and need to be computeri)ed LT: is currently faces shortage of manpo%er. Fo% there are only 1# officers in LT:. It is not sufficient enough for proving better performance of different %ings of LT: to achieve /+> of Fational Target. ,lso currently enrolled employees have lac$ of computer s$ill. o computer s$illed manpo%er should be added in the LT: procedure. In addition shortage of office space is another problem for LT: to %or$ smoothly and need to be addressed. o overall LT: and according on procedure has some problems and need to overcome for the better performance of 9,T system of this body..

Pharmace$tical company

"2

9,T process is very important part for pharmaceutical company. Incepta! leading pharmaceutical company does their 9,T procedure on t%o stages. Ine is their factory stage and another is commercial stage. But most of the %or$s on these t%o stages for 9,T purpose are done by manually. Gor e.ample they do the purchase register! sales register and 9,T return on their similar boo$s and $hata. o this is lengthening process and time consuming. ,lso itNs very difficult to find out related information during the 9,T audit from this procedure. o pharmaceutical company need to be more computeri)ed for the 9,T related process. In addition! 9,T procedure during the goods sale stage li$e( price declaration! e.port allo%ances! submitting challan! credit note are done unsystematically. o this procedure should need to be more realistic.

"9

%oncl$sion
9,T is the prime source of Aovernment revenue. Pharmaceutical companies are ma0or component of this 9,T. o 9,T process and procedure are very important part for any pharmaceuticals company. Grom starting the business till end up! companies have to follo% 9,T rules. ,lso to produce goods till sell the goods companies have to maintain different 9,T procedure. Though pharmaceuticals companies are manufacturing company! they have to update 9,T process at the very stage of their production process. In addition! the most important stage of pharmaceutical companies is to sale the pharmaceuticals goods. ,t this stage they have to maintain a 9,T direction to the 9,T authority. o pharmaceuticals companies need to $eep in touch %ith the 9,T procedure during their goods sale stage and this stage is one of the crucial for the pharmaceuticals company.

/+

4i"liography
1. ?d. 3ac$ary Cossain. 9alue ,dded Ta.7 ,ct! *ule and :sages. 2. hamsul Islam Bhan. The 9,T ,ct! rules and procedure ("rd edition". ?ohammad 3a$aria ?asud! Fi$hil @handra B,FAL,&= C IF@I?= T,O (Theory and Practice/. Information of Incepta Pharmaceuticals Ltd. ,vailable7 http7 ;;%%%.inceptapharma.com (,pril 15! 2+1+#. Information Fational Board of *evenue. ,vailable7 http7;; %%%.nbr1bd.org(,pril 12! 2+1+6. &ifferent ?usho$ Gorms. ,vailable7 http7 ;; %%%.nbr1bd.org; publication.html and http7 ;; %%%.nbr1bd.org; PIs; Publications; vat;vat Pusti$a11.pdf 5. Large Ta.payer :nit. ,vaiable7 http7 ;; %%%. Ltubd.org (?arch 22! 2+1+2. Information about Ta.. ,vailable7 http7 ;; %%%. ta.guidebd.com;vat;vat.php and http7 ;; %%%. ta.guidebd.com hil! ?ohammad Garidul ,lam.

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