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The Financial Express

VAT returns, payments go fully online soon

| Updated: October 13, 2021 16:36:13


VAT returns, payments go fully online soon

Two major networking integrations will be completed by next month for the convenience of businesses to submit returns and pay VAT entirely through online process, revenue officials said.

The National Board of Revenue (NBR) is going full steam ahead in building the digital setup for hassle-free collection value-added tax.

Bill of entry of importers would be integrated with the VAT online system to access all of the import information that would reduce hassles facing the businesses in submitting all those with VAT returns.

It will also integrate the VAT online system with the a-Chalan of the Ministry of Finance so that businesses can avail e-payment facility from any banks.

Key person of VAT online system and customs commissioner Kazi Mustafizur Rahman set forth the mechanisms at a seminar Monday at the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

Symphony Softech Ltd, an enlisted VAT software company, organized the seminar on online VAT submission to integrated IVAS of VAT online at the ICMAB auditorium. Director-General of NBR's Research and Statistics wing Md Anwar Hossain attended the programme as chief guest.

Mr Rahman said the VAT online system started paying off as the number of online return submissions increased to 150,000 from 3,000 when it was launched.

He said the online VAT system is also integrated with the Registrar of Joint Stock Companies and Office of the Chief Controller of Imports and Exports.

The refund system would be automated through integration.

To resolve problems in unlocking Business Identification Number (BIN), the NBR would introduce OTP system from November.

"Once overall integration done, businesses would not require giving entry or inputs in the system several times," he told the meet.

He said the NBR system is ready to provide services if businesses are prepared for this.

Problem varies on the basis of nature of businesses and the VAT authority in addressing each of the problems, he added.

Pending refund applications would be processed soon as the NBR has to involve commissioners in accessing the systems.

The VAT audit system would also be automated after the NBR prepares audit guidelines, he said.

"Fear of the businesses on complying with the VAT law would be resolved as they would get services at doorstep."

The revenue official said the call centre of VAT online project remained shut after completion of the project. "We have applied for funds to resume its operation and NBR agreed to provide the fund support," he added.

He also informed that the bonded-warehouse system would be automated soon, and some visible developments would appear by next six to seven months.

Mr Anwar Hossain said the NBR is heading towards a total integration programme to provide better services.

Rakesh Saha, partner, tax and regulatory service, Ernst & Young Advisory Service BD Ltd, said the NBR move helped to resolve problems of the non-resident software companies to comply with the VAT law.

Md Kamrul Hassan, Director and Chief Operating Officer of Symphony Softech Ltd, gave a presentation on VAT online.

He said the company was able to integrate IVAS in 33 districts.

Managing Director of Symphony Softtech Ltd Md Faruque Sikder said software companies are supporting the NBR in automating the VAT system.

Sayed Ahmed, chairman of Symphony Softech Ltd, delivered concluding remarks.

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