The Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh has established a smooth online statutory payment processing solution for VAT (Value added tax), VAT Deduction at Source (VDS), Excise Duty, Supplementary Duty and Penalties payments in association with National Board of Revenue (NBR).
NBR has been continually trying to digitalise the payment processes from a manual structure to a hassle-free online payment structure.
Keeping that in mind, HSBC introduced the online statutory payment solution partnering with NBR along with Bangladesh Bank, said a press release.
With the help of this online payment system, transactions can be carried out more efficiently and it will provide convenience and faster service to the clients.
Previously, statutory payments were being collected manually through paper based instruments like Pay Order which required clients to wait for several days. However, due to the introduction of this online system, businesses and organisations will be able to complete their statutory payments online through HSBCnet easily and securely.
Transactions will be completed near real-time through Real Time Gross Settlement (RTGS) of the central bank.
