- NBR introduced a system for VAT-registered manufacturing companies to file VAT returns from their ERP software.
- Previously, companies had to manually input data into the iVAS platform.
- Two companies, Seven Rings Cement and Siam Bangla Cement, are initially enabled to use this system.
- Integration allows automatic and instant VAT return submission without manual re-entry.
- VAT law updated to support system automation.
- Expected to reduce compliance burden, save time, and improve system performance.
- Developed using NBR’s in-house resources, reflecting commitment to digital transformation.
- If successful, the initiative will be expanded to other VAT-registered entities.
- Aims to enhance transparency, accountability, and reduce compliance costs.
Source: unb.com.bd
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.
