The National Board of Revenue (NBR) on Thursday introduced Value Added Tax (VAT) e-payment system aiming to simplify the VAT return submission process.
NBR chairman Abu Hena Md Rahmatul Muneem inaugurated the VAT e-payment system at the conference room of the NBR.Muneem said that the VAT Online Project is an important project for NBR. He mentioned that through this a step has been taken to introduce Integrated VAT Administration System (IVAS).
Of the 16 modules of the IVAS, three modules - registration, return and Taxpayers' Account - have been implemented, while the rest of the modules will be implemented gradually.
Some 166,720 taxpayers have taken their Business Identification Number (BIN) through online. More than 42,000 taxpayers have submitted their VAT returns since its inception from October 2019.
The NBR chairman said that this module will help the country to improve its position in the World Bank’s Ease of Doing Business Index.
He said that initially the taxpayers will be able to submit all their tax payments (VAT, Turnover Tax, Supplementary Duty, fine, interest and others) through Prime Bank, Midland Bank and HSBC. By the end of this year, all banks will be connected with this system.
NBR Officials said that through this system, after paying the VAT, a copy of that Chalan will be sent to Bangladesh Comptroller and Auditor General (CAG) and respective VAT office automatically. One copy will also be sent to the organisation concerned.By using this system the enlisted person would be able to pay his/her VAT and supplementary duty directly from that person's bank account easily, risk free and quickly to the national exchequer.
NBR officials said that there will be no hassle for the taxpayers in this system.
Earlier since September, the NBR started accepting VAT returns online, but there was no scope to submit the VAT payment through online.
CAG Mohammad Muslim Chowdhury, senior secretary Financial Institutions Division of the Finance Ministry M Asadur Islam, Finance Division Secretary of the Finance Ministry Abdur Rouf Talukder, Petrobangla chairman ABM Abdul Fattah, Bangladesh Bank executive Humayun Kabir, NBR member (VAT Policy) M Masud Sadiq, NBR member (VAT implementation and IT) M Jamal Hossain and VAT Online Project Director Kazi Mostafizur Rahman among others were present in the programme.