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The National Board of Revenue (NBR) is likely to introduce the electronic payment system of VAT from November 20, 2020.
The VAT payers would then be able to pay the tax by using credit cards, debit cards and mobile financial services.
The VAT online project (VOP) of the NBR has developed the system by joining hands with Sonali Bank to facilitate businesses to pay VAT from anywhere.
Talking to the FE, VOP project director Kazi Mustafizur Rahman said a trial run of the system will be held on November 9, 2020 to finally launch the system.
He said the businesses will be able to pay VAT through entering to the VOP portal or Sonali Bank's portal under the automated system.
VAT, supplementary duty and excise duty could be deposited in the government treasury through using the debit cards, credit cards and Sonali Bank accounts, and also through the mobile financial services operated by Bikash, Rocket, Upay and Surecash.
Clients of all banks could avail the e-payment facility after its introduction from this month, he added.
Business Identification Number or BIN holders will get all their details by entering the number in VOP site for e-payment, he added.
In the next phase, the VOP would develop a system so that the bank depositors of all banks can pay any amount of VAT directly from their accounts.
Through credit, debit cards or MFS, the businesses will be able to pay VAT as per their respective limit of the cards or services.
Currently, depositors of six commercial banks can pay VAT and SD directly from their account. The banks are: Prime, Midland, HSBC, SouthEast, Agrani and BRAC.
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.
Currently, some 65,000 VAT payers are submitting their VAT returns through online.
Mr Rahman said the number of online VAT returns would reach to 0.1 million by December next as they have resolved the problems of the business.
There are some 0.2 million BIN holders or VAT registered businesses under NBR.