Netflix obtains a VAT identification number from the NBR

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A smartphone with the Netflix logo can be seen on a keyboard in front of the words “Streaming Service” displayed in this illustration taken on March 24, 2020. File photo: Reuters / Dado Ruvic

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A smartphone with the Netflix logo can be seen on a keyboard in front of the words “Streaming Service” displayed in this illustration taken on March 24, 2020. File photo: Reuters / Dado Ruvic

The US-based subscription streaming service and production company Netflix have obtained the National Board of Revenue (NBR) Value Added Tax (VAT) identification number.

The web streaming giant today received the registration of the company identification number (004319482/0208) from the South Dhaka Customs, Excise and VAT Commission.

In this regard, Netflix used its address in Singapore and received the registration on behalf of Netflix PTE Limited, Singapore.

SM Humayun Kabir, Commissioner, Customs, Excise, and VAT Commissionerate, Dhaka South informed the BSS of this development.

He said PricewaterhouseCoopers would be their local consultant. Netflix will now pay 15% VAT on revenue generated by Bangladesh from December.

The NBR made it mandatory in July 2019 for tech giants to establish offices in Bangladesh or appoint agents so that the government can collect VAT on advertisements and other services they provide to local businesses.

Netflix is ​​a subscription-based business model that makes money with three simple plans: Basic, Standard, and Premium, providing access to streaming series, movies, and shows.

As of October 2021, Netflix had more than 214 million subscribers worldwide, including 74 million in the United States and Canada, 70 million in Europe, the Middle East and Africa, 39 million in Latin America and 30 million in Asia Pacific. The company posted a net profit of $ 2.76 billion in its 2020 fiscal year, which ended on December 31, 2020.

Netflix also has a large number of subscribers in Bangladesh.

Earlier in this fiscal year, Google, Facebook, Amazon and Microsoft obtained their Business Identification Number (BIN) from the NBR. These tech giants now regularly pay VAT to the NBR.


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