Summary:

NBR to launch the online VAT returns along with the VAT audit system to diminish hassle for businesses.

Content:

There was complete confusion and distaste going on regarding the Vat returns previously as payers had to suffer a lot in the government organizations to pay VAT.

Considering the situation, the NBR will integrate two major network for the convenience of businesses to submit returns through online process.

It is anticipated that the networking integrations will be completed by next month for the convenience of businesses. Even the bill of entry of importers would also be integrated with the Vat online system so that they can submit returns hassle-free.

This is a simple formula of how you can calculate a VAT return. It is a pretty simple formula that comes in positive or negative number based on your purchase and sales. It is calculated as VAT Collected- VAT paid= VAT Refund (If negative) or VAT Payment (If positive).

Bangladesh VAT online system will also include the a-Challan of the Ministry of Finance so that businesses can be benefitted by e-payment facility from any banks.

All the system mechanisms have been set forth by the Key person of VAT online system and customs Commissioner Kazi Mustafizur Rahman at a seminar at the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

Mr. Rahman also said that the VAT online system will be paying off as the number of online return submissions have increased to almost double number. Currently, the number has reached around 150,000 which increased from only three thousand returns since it launched.

He also said that the online Vat system is also integrated with the Joint Register of Joint Stock Companies and Office of the Chief Controller of Imports and Exports. The refund system would be automated.

Not only this, to resolve problems in unlocking Business Identification Number (BIN), the NBR would introduce OTP system from November. He said the NBR system is ready to provide services if businesses are prepared for this.

NBR is also in the plan to automate the VAT audit system. Although it will only be automated after the NBR prepares audit guidelines.

Symphony Softech Ltd, an enlisted VAT software company, organized the seminar on online VAT submission to integrated IVAS of VAT online at the ICMAB auditorium where Md Anwar Hossain, Director-General of NBR’s Research and Statistics wing was the Chief Guest.

Source:  The Financial Express