Businesses will be able to avail the facility of online payment of value-added tax and submission of VAT returns from next month.
VAT Online Project (VOP) of the National Board of Revenue has already completed all preparations and made the system open for businesses across the country to file their VAT returns online.
Testing and trial of VAT e-payment system have also been completed and the VOP found that the system was working smoothly, VOP officials said.
They said that traders would be able to submit VAT returns online from anywhere without visiting VAT offices from mid-August when they would file their first returns of the new fiscal year of 2019-2020.
Earlier, on April 1 this year, the NBR launched online VAT returns submission process for large-scale businesses under the large taxpayers unit (LTU-VAT), two years after introducing the online VAT registration system in March, 2017.
VOP project director Syed Mushfiqur Rahman on Tuesday told New Age that large VAT-payers under the LTU and other commissionerates had already been filing their returns online.
‘Now the system is ready for all businesses across the country,’ he said.
Traders will also be able to file hard copy of VAT returns under the manual system if they do not have computers and internet access, he said.
Businesses will now require updating information related to business identification numbers (e-BINs) with the VAT online system database by July 31 to keep their e-BINs, also known as VAT registration numbers, active.
Unregistered businesses will also have to obtain nine-digit e-BINs as 11-digit old BINs became obsolete on July 1 as new VAT and Supplementary Duty Act-2012 came into force.
According to the VOP, more than 1.71 lakh businesses have so far obtained e-BINs from the online system.
Of which, 1.66 lakh businesses have taken e-BINs as VAT-payers and the rest are enlisted as turnover VAT-payers.
There are more than 8.4 lakh registered old BIN holders in the country.
NBR officials said that electronic VAT payment system was ready as testing and trial of the system had become successful.
They said the e-payment system would be connected to the Bangladesh Bank’s payment system.
IT officials are now engaged in fine-tuning the system, they said.
The online VAT system will automatically make all the calculations including VAT liability and amount of rebate once a taxpayer provides data related to sales, purchase, supply and other information as part of VAT returns to the system.
Under the manual system, traders are required to make all the calculations by themselves.
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