NBR hopes that online submission of the VAT return using the online VAT system will put 200,000 BIN holders under the cover of the VAT net by December
As large sums of state money go overseas for IT services each year, the National Board of Revenue (NBR) is now keen to hire local businesses, the chairman of the board said on Wednesday.
“Despite the capacity of domestic companies, a large amount of money flows out of the country every year for IT services of foreign companies. So in the future, the NBR wants to stop buying IT services from foreign companies, ”said NBR chairman Abu Hena Md Rahmatul Muneem.
He added that if problems arise later, some of these foreign companies are difficult to trace.
Muneem said this by inaugurating the automation system of various projects of the revenue department.
NBR launched an automated real-time invoicing system, integrated with the automation system of value added tax (VAT), IBAS ++ (integrated budget and accounting system) and ASYCUDA (automated system customs data) to ensure a hassle-free service. for holders of a business identification number (BIN) and traders.
The automated invoicing system, designed by the Finance Department, will allow BIN holders to instantly obtain their VAT declaration invoices using the digital payment gateway system.
At the event, the president of the NBR also said: “The submission of the VAT return online will be made mandatory in the next budget to ensure a friendly service for taxpayers.”
He also hopes that online VAT return submission using the online VAT system will put 200,000 BIN holders under net VAT coverage in December, which currently stands at 183,000 out of a total of 315. 000 BIN holders.
Kazi Mustafizur Rahman, Commissioner of the Customs Obligations Commission, Dhaka delivered the welcome speech at the event.
Additional Secretary of Finance Division Nazma Mubarak, NBR member (VAT implementation and IT) Abdul Mannan Shikder, NBR member (political) Masud Sadiq and other officials were also present at the ‘event.