The National Board of Revenue (NBR) has achieved a milestone toward modernisations of the revenue collection systems by implementing the VAT E-payment system.
The new system will allow traders to pay Value-Added Tax (VAT) through NBR’s online systems.NBR has completed all the formalities to launch the new system. NBR chairman and senior secretary Abu Hena Md Rahmatul Muneem will formally launch the VAT E-payment system on Thursday during a function at Revenue Bhaban at Shegunbagicha.
NBR will accept electronic notifications under the integrated VAT administration system, prepared by the VAT online implementation project.
NBR’s VAT wing already issued an order in this regard asking the field-level VAT offices to accept the electronic notification as a substitute for the treasury challan, usually issued by Sonali Bank on behalf of the Bangladesh Bank, as proof of tax payment.
According to the order, the field offices will have to accept the electronic notification issued to the taxpayers by the IVAS if the field offices find the challan number, date, commissionrate code and amount of tax mentioned in the notification to be accurate on verification with the online system of the Office of the Controller General of Accounts.
The VAT Online Project developed the e-payment module under which traders who hold bank accounts at HSBC Bank, Midland Bank and Prime Bank will be able to pay VAT online without having to go to the banks and VAT offices in person.
Traditionally, the taxpayers go to the banks in person and use the treasury challan to pay VAT following which they go to the VAT offices to submit the treasury challan along with their VAT returns.NBR also informed the Bangladesh Bank, the CGA and other related government offices about the decision.
NBR is taking steps towards strengthening the existing efforts of the government in the area of public financial reforms.
The developing system by VAT online project will connect 287 VAT circle offices, 84 Divisional offices, 12 commissionerates, two directorates, three appeal commissionerates and one tribunal in a single platform.