NBR launches online VAT refund
Business Desk :
To end the long-standing suffering of taxpayers in getting VAT refunds, the National Board of Revenue (NBR) has launched a fully automated online VAT refund system.
From now on, taxpayers will receive VAT refund money directly in their respective bank accounts through this new system.
For this purpose, a separate refund module has been added to the e-VAT system used in VAT management.
It is integrated with the iBAS++ system of the Finance Division, through which the money will be automatically sent to the taxpayer’s designated bank account using the Bangladesh Bank’s BEFTN (Bangladesh Electronic Fund Transfer Network).
NBR Chairman Abdur Rahman Khan formally inaugurated the online VAT refund system at the Revenue Building in Dhaka on Wednesday.
As part of the inauguration, VAT refunds worth Tk45.35 lakh were sent directly to the banks of three taxpayers under the three VAT Commissionerates of Dhaka. Taxpayer representatives, business leaders and journalists from various media outlets were present at the event.
The NBR chairman said that from now on, taxpayers will no longer have to go to the VAT office for VAT refund.
Refund applications can be made online at the time of filing the monthly VAT return.
After the application is verified and approved by the relevant VAT commissionerate, the amount due will be automatically deposited in the taxpayer’s bank account.
He also said: “Taxpayers often take high-interest loans from banks and give us money. This is their fair share. If they have to go from office to office to get that money back, then it is our failure. This new system will reduce both time and cost, and will also increase transparency and accountability in tax management.”
The NBR chairman further said that under the new system, it will be possible to apply for refunds online within a maximum of 30 minutes. The taxpayer himself will provide bank account information, which will be stored in the NBR’s records.
The application will be completed by simply clicking on the ‘I want refund’ button.
NBR sources said that so far 115 organizations have applied for VAT refund of about Tk124 crore.
The process of refunding a total of about 4 thousand crore taka is ongoing.
NBR also said that the work of digitizing all the activities of the organization is ongoing step by step.
This initiative has been implemented to make tax management simple, transparent and taxpayer-friendly.
However, if additional information or assistance is required regarding the refund, it has been advised to contact the concerned VAT Commissionerate.
