National Board of Revenue has selected 11 software firms for providing customised software to businesses having annual turnover of Tk 5 crore and above for the purpose of payment of value-added tax.
NBR on Thursday made the list of the firms public on its web site to facilitate the traders in procuring the NBR-prescribed software to maintain records of sales and other transactions.
Earlier on September 11, 2018 NBR made mandatory use of customised VAT processing software for large businesses and service providing entities having annual turnover of Tk 5 crore and above.
Use of such software became mandatory from January 1, 2019 but NBR could not enforce the decision due to delay in selection of the eligible software firms.
NBR selected the 11 firms out of 27 applicants for providing the software with specifications set by the VAT authorities.
The selected firms are UY Systems Ltd, Ennovia Technologies Ltd, Dhrupadi Techno Consortium ltd, Symphony Softtech ltd, Unisoft systems ltd, Mediasoft Data Systems ltd, Best Business Bond ltd, CSL Software Resources ltd, Allied Information Technology Ltd, Jubosoft Information Systems (pvt) ltd and Divine IT limited.
According to the NBR’s September order, businesses will preserve books of accounts and VAT-related documents using the software and provide as per requirement of VAT offices.
Companies having annual turnover below Tk 5 crore will also be able to use the software if they want.
Those which are using personalised software with approval of the VAT commissioner concerned will also have to update the software as per new specifications.
The software will have automation facility in line with the NBR automation system.
It should have systems of automated report generation and printing facility of VAT returns and other documents related to purchase, sales and current accounts.
VAT officials must have access to the software for audit and other examinations.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Tax