- The National Board of Revenue (NBR) launched an automated online VAT refund system, enabling instant refunds directly to taxpayers’ bank accounts.
- The system replicates the manual refund process electronically, with plans for further simplification and legal amendments if needed.
- The new e-VAT refund module connects with the Finance Division’s iBAS++ and Bangladesh Bank’s BEFTN system, allowing refunds to be processed in about 30 minutes.
- Taxpayers can now apply for refunds through their monthly VAT returns, and the process is expected to be more transparent and user-friendly.
- As of the launch, 115 applications totaling Tk 124.49 crore have been submitted, and the NBR aims to eliminate irregularities and ensure taxpayers’ rights to refunds.
Source: newagebd.net
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"
- Mobile Operators Urge VAT Exemption on Spectrum Fees to Boost Investment and Align with Global Norms
- NBR to Launch QR Code System on Packaged Goods to Prevent VAT Evasion
- Bangladesh plans to Implement Uniform 15% VAT Rate Across All Sectors
- Businesses Face Persistent Challenges with Online VAT Return System, Seek NBR Action
- Bangladesh Plans Uniform 15% VAT for All Sectors, No Compromise on Advance Income Tax
