Businesses having annual turnover of Tk 50 million and above will have to procure tailored Value Added Tax (VAT) processing software from 11 selected companies.
The National Board of Revenue (NBR) has selected the firms to help businesses procure the prescribed software of the VAT arm from eligible companies.
The VAT unit issued a notification on Thursday with the names, addresses and contact numbers of the companies.
In September last, the board issued the order making use of the software mandatory from January 01, 2019 for large businesses.
However, the order could not be followed until now due to the delay in the process of selecting eligible companies by the tax-collecting authority.
Talking to the FE, Shafiqur Rahman, systems manager of the NBR, said the board has picked the companies from 27 applicants for procuring the customised software for businesses.
A committee of the NBR headed by Large Taxpayers Unit (LTU) VAT commissioner has scrutinised the applications of interested developers.
He said businesses and service providing entities will have to procure the VAT processing software from those companies.
The businesses will have to make separate contracts with the selected software companies, he said, adding the NBR's authorisation will be required before procuring the software.
The NBR-approved companies will develop the software as per specifications of the VAT authorities, he noted.
Businesses will preserve books of accounts and VAT-related documents using the software. The accounts data will have to be furnished as per the requirement of VAT offices.
The NBR said companies having the annual turnover below Tk 50 million will also be able to use the software if they want.
Earlier, the board had made Electronic Fiscal Device (EFD) mandatory for 13 categories of businesses, mainly small and medium-sized.
The existing large businesses, which are using their own customised software with approval from the VAT commissioner, will also have to update the software as per new specifications.
As per the order, the proposed software will have to comply with the VAT act, rules, gazette notifications and other orders.
The software should have automated report generation and printing facility of VAT returns and other documents related to purchase, sales and current accounts.
Officials said VAT officials must have access to the software for audit and other examinations.
They said the businesses will have to maintain accounts manually for that particular period in case of technical glitch or temporary dysfunction of the software.
The software must have hacking and tempering protection systems. The large businesses will have to take at least two back-ups of accounts transaction statements every day.
The businesses will be held responsible for the loss or missing of any account-related data.
The selected companies are: UY Systems Ltd, Ennovia Technologies Ltd, Dhrupadi Techno Consortium Ltd, Symphony softtech Ltd, Unisoft systems Ltd, Media Soft Data Systems Ltd, Best Business Bond Ltd, CSL Software Resources Ltd, Allied Information Technology Ltd, Jubosoft Information Systems (pvt) Ltd and Divine IT Limited.
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