All is set to introduce e-Payment system for Value Added Tax (VAT) from July 16, aiming to reduce the hassles in payment by VAT payers.
Official sources said the National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem will formally inaugurate the VAT e-payment system.
According to the existing law, eligible VAT payers have to submit their VAT returns every month along with the VAT payment for their previous month.
As per the official information, the NBR has formulated the e-Payment module under the VAT online project and has tested this at the consumer level through three local and foreign banks –Prime Bank, Midland Bank and HSBC.
No problem was found for paying VAT through using this system. Now all commercial banks will be brought under this system.
After the payment of VAT under the system, the copy of that Chalan will be sent to Bangladesh, CGA and respective VAT office automatically. One copy will also be sent to the organisation that submitted it.
NBR officials said transparency will come with this process as it plug the scopes of VAT evasion.
By using this system the enlisted person will be able to quickly pay his/her VAT and supplementary duty directly from his or her bank account easily, without risk to the national exchequer.
With the assistance from the World Bank, the NBR is implementing the VAT Online Project which was taken to implement the new VAT Law.