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The Financial Express

NBR set to launch VAT e-payment next month

| Updated: September 23, 2020 11:28:27


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The National Board of Revenue (NBR) is set to introduce a VAT payment system next month that would allow the taxpayers to use their debit and credit cards of 27 commercial banks.

The VAT Online Project (VOP) would introduce the e-payment system for the first time to make the VAT payment process easy for the businesses.

When contacted, project director (PD) Kazi Mustafizur Rahman said the NBR is joining hand with Sonali Bank to introduce the facility while other banks will be offered to use the Sonali Bank's gateway.

He expected that the VAT payment process would become simple after introduction of the system.

The VOP will also offer the facility to the depositors of 15 banks soon, he added.

The NBR has already introduced online VAT payment system for the clients of three banks. Currently, the traders having accounts with HSBC, Midland Bank and Prime Bank will be able to pay VAT and supplementary duty through online.

Officials said the VAT offices will also get the copy of payment electronically.

They said the e-payment of VAT through credit and debit cards would make the process easier, hassle free and reduce cost and time of the businesses.

In October last, the NBR introduced online VAT return filing system, but it could not be made popular so far due to absence of the e-payment system of VAT.

According to NBR, almost half of the large taxpayers still filing their tax returns manually.

Out of around 0.18 million registered business identification number (BIN) holders, known as registered VAT payers, around 40,000 filed VAT returns online in June last.

Officials said both VAT and customs wing of the NBR have made some significant steps to make e-payment popular.

The NBR is also going to make e-payment of customs duty and related taxes above Tk 0.2 million mandatory for importers and exporters at all customs houses and stations from July next year.

However, from April next year, electronic payment of customs duty of any amount will be made mandatory for the imports and exports carrying out through the customs house of the Inland Container Depot (ICD) at Kamalapur.

The decision has been taken to phase out the manual customs duty payment system by December 2021.

The NBR has decided to introduce mandatory e-payment of customs duty and other taxes irrespective of the amount of taxes from January 1, 2022.

doulot_akter@yahoo.com

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