In a bid to put a halt to VAT dodging, our VAT collection system is likely to be fully automated from the beginning of the next year.
According to a report published in this daily on Sunday, in the first phase, VAT on e-payment is becoming mandatory for VAT invoices above Tk 1.0 crore. Later, e-payment will be made compulsory for the payment of VAT gradually.
Once the e-payment system is launched, then this system would really benefit the business community to the core. It will also play an important role in ensuring transparency in the collection of revenue from internal sources. If the modern tax payment system is made available around every monetary stratum of the country, then it will definitely help prevent and control revenue evasion.
The automated VAT collection
system will help prevent tax
VAT payers will also get benefited a lot through this system as they will be able to directly pay the tax from their own bank accounts with ease and also within less time. Under the e-payment system, the VAT payers will not face any harassment as well.
The e-payment system should also be maintained and monitored constantly so that the vested quarters do not get the opportunity to provide false information in the online method of payment and stern actions should be taken against those who do such a thing. If implemented properly, the e-payment system would create a significant enhancement in the collection of domestic revenue.