The Hongkong and Shanghai Banking Corporation Limited in association with the National Board of Revenue on Wednesday organised an introductory event and awareness session on VAT e-Payment System of the NBR.
The NBR launched the online VAT payment system on July 16 and HSBC Bangladesh is one of the pilot banks of the VAT epayment.
HSBC Bangladesh was also the first bank to make a live transaction on this platform.
At the virtual event, HSBC said that businesses and organisations could quickly complete VAT payment through HSBCnet, HSBC’s online platform for corporate entities, according to a press release issued on the day.
Upon completion of a successful transaction, the client will immediately receive an SMS with a VAT challan number and subsequently will receive an email with the challan copy particulars, it said.
Each transaction will be completed near real-time through Real Time Gross Settlement transactions, instead of two to three days which is typical for payments using physical instruments.
NBR chairman Abu Hena Md Rahmatul Muneem, HSBC Bangladesh chief executive officer Md Mahbub ur Rahman, Grameenphone CEO Yasir Azman, Unilever Bangladesh CEO and managing director Kedar Lele, LafargeHolcim Bangladesh CEO Rajesh Surana, City Group chairman Fazlur Rahman, Meghna Group chairman Mostofa Kamal, Bangladesh Bank general manger Md Mezbaul Haque, NBR member Mannan Shikder, VAT Online project director Kazi Mostafizur Rahman, Jason WH Tan, managing director, regional head of International Global Liquidity and Cash Management Countries, HSBC Asia Pacific, and Riaz A Choudhury, country head of wholesale banking (interim), HSBC Bangladesh, were present along with other senior officials.
NBR chairman Abu Hena Md Rahmatul Muneem said, ‘The VAT online project is an important initiative of the National board of Revenue as well as the Government of Bangladesh. With the module, the taxpayers will be able to pay their taxes at ease from their homes or any other places in a fully secured manner.’
‘They will no longer need to physically visit the Bangladesh Bank or Sonali Bank to deposit cash or pay orders. VAT authority will be able to gather accurate information on the payments made by the tax payers through the IVAS. The VAT ePayment System will play a critical role in ensuring accountability, transparency and establishing trust between taxpayers and VAT officials, as a result, it will create a businessfriendly environment,’ he said.
Payment Systems Department general manager Md Mezbaul Haque said, ‘Bangladesh Bank is proud to join the National Board of Revenue in this remarkable initiative to digitalise the VAT payment process ensuring that overall VAT payment collection becomes more efficient and convenient for end users. We look forward to continue to collaborate with other regulators, business bodies and banks in this digital journey and also work in areas of policy improvement.’
‘I would like to thank HSBC to be part of this digital journey. As a global bank, I would request HSBC Bangladesh to leverage their global reach and expertise more for the advancement of Bangladesh in the coming days,’ he added.
HSBC Bangladesh CEO Md Mahbub ur Rahman said, ‘We are very proud of our role in delivering Bangladesh’s first online VAT payment solution – a collaboration with the National Board of Revenue and the Bangladesh Bank which will significantly improve the efficiency and security of this critical national revenue stream.’
At HSBC, we want to make banking simpler, faster and better for our customers, and we are committed to continue to play our part in accelerating the digitisation of banking in Bangladesh, Mahbub said.
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