The National Board of Revenue (NBR) is going to launch VAT e-payment system since the business establishments make VAT payments every month alongside submitting their returns and so the business entities would now be able to make VAT payments to the government exchequer directly from their bank accounts through online.
VAT e-payment system will be launched from July 16 this year, according to NBR.
The NBR Chairman Abu Hena Md Rahmatul Muneem would formally inaugurate the VAT e-payment System which has been implemented under the VAT Online Project.
Under the project, e-payment module has been created while this system has been tested (User Acceptance Test) at client-level by three local and foreign banks. As the test results came out successful and satisfactory, this system is now going to be introduced formally.
When contacted, according to BSS, VAT Online Project Director Kazi Mostafizur Rahman told that through using this system, any businessman registered under VAT would be able to make VAT payment, supplementary duty or any other tax directly to the state coffer from his or her own bank accounts with ease and comfort and also within less time.
“There will be no harassment for the VAT payers under the e-payment system,” he added.
The NBR has been implementing the VAT Online Project with support from the World Bank which aims to facilitate the new VAT Act. This project is expected to be completed by this December.
The business insiders, however, opined that the VAT Act is yet to yield full results since the VAT operations could not go under full automation.
The concerned businessmen said that once the e-payment system is launched, then the VAT Act would benefit the business community more.
“Initially some 100 top business houses would get the e-payment facility on priority basis as around 30 percent of the overall VAT collection come from these business establishments. Later, all the eligible businesses will come under this e-payment system”, Mostafizur informed.
According to this system, the copy of VAT invoice will automatically go to Bangladesh Bank, CGA and VAT office after VAT payment. One copy of VAT invoice will also go to the VAT payer for which transparency will be ensured in VAT payment while no scope for VAT evasion will exist.
Around 1.66 lakh business establishments, under the VAT Online Project, have so far been registered while some 100 to 150 new business establishments are taking registration every month.
However, 42,000 business firms submit their VAT returns every month on average through manually and also through online.
Read more on VAT here
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