Our Vision
The implementation of Vision 2041 announced by the honorable Prime Minister may not be feasible without increasing the scope of VAT payment and collection, alongside encouraging entrepreneurs. Drawing on 23 years of experience working with businessmen and five years of consultancy, it is believed that expanding the VAT collection boundary is achievable due to expertise in practical matters of business and VAT law.
VAT functions as a value chain, bringing businesses under one network and exempting profitable VAT payments based on each business type within the value chain. If implemented, businessmen will pay VAT willingly if they are assured of managing businesses in a fair manner, a secure VAT payment system, and hassle-free business operations.
We have a friendly team of skilled experts ready to assist you both during and after your service. Our core values include upholding high levels of integrity, maintaining strong work ethics, and ensuring optimal end results for you.
Our Mission
Under the slogan “In Clean VAT Law, Expert VAT Payment,” The Real Consultancy began its journey in August 2019 as a consultancy firm, despite various institutions dealing with VAT taxes and customs. It is challenging to implement the friendly VAT law and expand its scope. From the perspective of the consultancy profession, the first consultancy firm to secure fair VAT payments alongside enhancing the skills of employees in business or industrial institutions, thus ensuring savings from core VAT payments, has introduced a practice of charging fees. If a business does not get any benefits, why spend money directly managing the office or law? Utilizing the VAT law solves all problems or develops a compact VAT system to keep the VAT exempt, adopting a policy to work on the challenge.
Activities for 2020
In the past months, among various initiatives, the first year started with organizing a seminar on the VAT law’s simplification and its benefits at the public library. The main article was presented by Mr. Alimuzzaman, Lead Consultant, The Real Consultation. Mr. Abdul Kafi, former Commissioner of LTU VAT, Mr. Masud Khan from FCA FCM, Chairman of Unilever, and Mr. Shahriar Istiaq Halim, Executive Director of Purbaani Group, were present as chief guests. The event was chaired by Mr. Masudur Rahman, FCA.
Approximately 450-500 business representatives and their delegates attended, discussing the advantageous VAT Out system, which proposes reducing 3.35% of the value of goods if the same 15% rate is applied across various VAT rates, substantiated through various discussions.
Despite lockdowns since March due to the COVID-19 pandemic, awareness-building activities regarding the VAT law continued.
Corporate News began publishing columns explaining the complexities of VAT law and various explanations by NBR. Dr. Ejaz Ahmed created the first drama on VAT and broadcast it on Asian TV. Its theme expanded the impact of different VAT rates on the value of goods and easily explained how much VAT liability a business part carries.
In the VAT profession, regular online knowledge-sharing sessions are organized monthly among employees of various organizations in VAT, tax, supply chain, and accounting departments. This enables them to acquire professional skills and change their fortunes.
Activities of 2021
In 2020, as part of its regular activities, several national newspapers in Bangladesh such as Ittefaq, Jugantor, Bangladesh Pratidin, and others began to give more importance to columns.
In the corporate sector, the Association for Revenue Management (ARM) was formed to protect the interests of VAT, tax, supply chain, and accounting department employees working in corporate houses. They can advance their careers by collaborating with each other. Various business organizations discussed how to alleviate VAT complexities with online seminars such as Women Entrepreneur (WE), E-Cab, and Junior Chamber International, in addition to many other chambers. All of these were published as news in all national dailies including Bangladesh Pratidin and Prothom Alo.
The publication of a book named VAT Guide for Export Business, which aims to simplify sector-specific VAT laws, is crucial. Different national dailies like Kaler Kantho, Ittefaq, and Jugantor reviewed the book’s importance.
2022 activities
The core mantra of effective VAT management is to develop a robust VAT system that minimizes commodity price reduction challenges. Due to operational difficulties arising from VAT complexities, Bashundhara Bitumen challenged the norm, developing a refined VAT system with guidance from Bashundhara Group’s management advisor. The fundamental policy enhances workforce proficiency within organizations, hiring VAT division personnel and developing their VAT systems for successful outcomes. Consultancy firms play a rare role in Bangladesh’s consultancy profession.
Green Land Bangladesh Limited faced a VAT claim worth ten crore taka, using VAT law to shield the company from substantial financial losses. Although legal challenges were handled by the CFO and VAT manager, the policy aimed to create skilled manpower, despite lacking a degree, “Dr. Kadam Ali” published a second book. Our best-case studies demonstrate using VAT laws to avoid paying several hundred crore taka in additional VAT, facilitating understanding through presenter inclusion and VAT presentation.
To reduce VAT law complexities, BTV business news disseminates farm-related news for almost three minutes. And businessmen promote it. Jela’s encouragement to pay VAT has been exchanged with local and national journalists and local business organizations at Comilla Press Club. The main goal is to clarify how much of the responsibility for VAT payment is owed by the business.
Activities of 2023
Over the past years, TRC has been appointed as a vendor-VAT consultant, playing a pivotal role in our work and presenting us as business-friendly with various media, along with VAT laws. In Bangladesh, opinions have been solicited on VAT compliance issues with the government, revenue board, and different entities through agreements. Besides, under the Customs Act, regular activities ensure vendor VAT returns and refunds.
Under the name of Jamuna SpaceTech Joint Venture Limited, an LP gas production and supply company, the VAT Commissioner’s claim regarding tribunal legal issues was presented. Since the tribunal’s presentation was legally accepted, they provided a verdict. It was fundamental until then, and legal provisions were provided in favor of NBR’s appeal to the High Court.
Under the name of NBR, VAT automation is designated as a business sector expert in a pilot project. Various levels of employees, including representatives of Bangladesh Bank and IT sectors, are employed by NBR. A committee met, ceased operation due to its limited jurisdiction in conducting its tasks and subsequently dissolved.
Global TV has broadcast a three-part documentary series on their business news, comparing our activities with that of the former chairman of NBR and many business leaders and vice-chairmen of FBCCI. They believe that if the system is applied globally in business, encouragement can be given to paying VAT. This subject will ensure the preservation of voting rights.
VAT bond news portal ‘VAT friend news’ has been launched to spread further awareness of VAT payments, with the slogan ‘justice courageously in business. This online newspaper has completed its official operations first in Bangladesh and applied for government registration. The Ministry of Foreign Affairs and the SBI have reported that registration will soon be available.
A third book published as ‘Musuk Form, Law, and Justice’ is very practical. Where everything can be found easily. VAT work is considered very practical as a book for everyone working in it.
2024 is the year to implement the idea
The consulting firm believes that if entrepreneurs can manage their businesses correctly and navigate through challenges without falling into despair, they prefer not to evade VAT through loopholes.
VATBONDHU Apps – an application designed to serve as a platform for business owners and VAT consultants nationwide. It is created by one of Bangladesh’s leading app developers. The development of the app demo has already been completed over six months, with an additional seven to eight months possibly required before its market release. VATBONDHU Apps will be established as a startup company, considering the costs involved in its creation and maintenance, typical for a startup. Prior approval from the Ministry of ICT and Commerce will be sought before its launch in the market.
‘TRSI’ means that business owners do not need to know VAT laws; it is essential to create a payment system adhering to these laws. They are working on raising awareness by creating such a system. They plan to conduct seminars with district-based business associations across the country. They will set up VAT payment systems sector-wise in compliance with the law or where amendments are needed, aiming to provide software services at minimal monthly fees to local business owners to prevent VAT evasion.
Business owners will willingly pay VAT and may expand the VAT collection scope to increase government revenue, stressing cooperation between TRSI and businesses, rather than imposing pressure on them.