- NBR has introduced an automated VAT refund system via the Integrated VAT Administration System (IVAS), integrating iBAS++ and BEFTN for direct bank transfers.
- All pending online refund applications before the new system have been canceled, with claimed amounts added to taxpayers’ closing balances.
- Only online applications through the VAT-1.1 form in IVAS will be accepted; manual or check-based applications are no longer valid.
- Refund verification will follow a new 24-point checklist, and a refund committee will be formed in each commissionerate for faster processing.
- The new system aims to make refunds faster, easier, and more transparent, eliminating delays and irregularities of the previous manual process.
Source: dhakatribune.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Bangladesh"
- NBR Launches Online VAT Refund System for Faster, Direct Bank Transfers to Taxpayers
- NBR Launches Online VAT Refund System to Boost Efficiency and Transparency for Taxpayers
- NBR Expands Customs, VAT Wings and Splits into Two Divisions to Boost Revenue and Tax Base
- NBR Unveils Major Customs and VAT Reforms to Expand Tax Net and Boost Revenue Collection
- NBR Finalises Draft VAT Rules, Introduces Online Payment and Registration System
