Big companies that pay minimum Tk 1 crore VAT per month will have to pay it through automated invoices and will also have to submit VAT returns online from January next year.
According to National Board of Revenue (NBR) sources, the number of companies that pay more than TK 1 crore VAT per month is not much in the country. Basically, the big corporates in the service and manufacturing sector pay an average of more than one crore taka VAT per month. Such as British American Tobacco, Grameenphone, Robi, big banks and pharmaceutical companies are eligible to file VAT returns online.
Such corporate giants will have to do everything online regarding VAT from next January, an official of NBR said.
After the customs department, the VAT department is also going to make the online payment system mandatory for taxpayers.
Companies that pay a large amount of VAT has a very modern system of online accounting. Online returns and VAT payments are being made mandatory so that they do not have to come to the VAT office for VAT returns, the official said.
We want all business persons to be able to submit return online from home, the official added.
Currently, there is an opportunity to pay VAT online under the VAT Online project. But it is not mandatory. An Electronic Business Identification Number (EBIN) is required to file a VAT return online.
Online VAT has been available since July last year. Currently, VAT can be paid online through mobile service providers like Bkash-Rocket. In addition, customers of 11 private banks, including Sonali Bank, can file VAT returns online.
However, the VAT department is taking different measures as part of security in case of paying VAT of more than one crore taka.
Online VAT payment will be mandatory for the corporates that pay Tk 1 crore or more as VAT from next January and a direct payment system (LAN system) is being linked with those 11 banks, according to NBR.
According to the VAT department, about 250 lakh companies have registered for VAT at present but only half of them pay returns online.
