The National Board of Revenue is likely to launch online VAT returns submission facility for businesses from the next month as part of automation of its value-added tax system.
Businesses will be able to file their VAT returns online along with payment of VAT through the system.
The VAT Online Project (VOP) of the revenue board has completed necessary technical preparations to launch the online submission of VAT returns, officials said.
They said that the VOP had already conducted the third round of the user acceptance test (UAT) of the online system and found it ready for receiving returns.
Through the UAT, the VAT officials, project implementation unit and software developer company Vietnam-based FPT Information System checked the consistency of the software with the VAT law, accuracy of the system and its user friendliness.
The VOP with a cost of Tk 556 crore taken to automate the VAT system also completed on Thursday the technical test of the system to check the capacity of the software in handling the traffic and security strength of the system.
The automation activities were supposed to be carried out under the new VAT and Supplementary Duty Act-2012, but now the NBR will introduce those under the existing VAT Act-1991 through amending the VAT rules as the implementation of the new law has been postponed till July, 2019.
The VAT wing of the NBR has already brought the necessary changes in the rules and prepared new return forms to facilitate online submission.
Finance minister AMA Muhith has also approved the draft of the new forms.
The new rules and forms will be sent to the law ministry soon for vetting, said a senior official of the NBR.
He said that they were waiting for the approval of the high ups of the NBR for launching the online returns submission.
Officials said that the online VAT returns submission was scheduled to come into force from November 1 as per VOP implementation plan.
Initially, online VAT return submission will be open for the businesses under the Large Taxpayers Unit (LTU) and gradually other businesses will be brought under the system.
Businesses, however, will be able to submit VAT returns manually if they don’t have capacity to handle online facility, he said.
Officials of the NBR also said that they would shortly arrange a consultation meeting with the business community about the changes brought in the VAT rules and return forms as well as online returns submission.
After the meeting, the process will be finalised, they said.
Earlier in March last year, the NBR launched online registration of business identification number for businesses.
The NBR will accept only e-BINs from January 1, 2018 as the manual BIN will be invalid from December 30, 2017.
So far some 56,000 businesses, old and new, have obtained e-BIN.
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