Al Amin :
The installation of the specialised Value-Added Tax (VAT) software for business entities across the country is yet to be reached a satisfactory level, although it is an integral part of the automated revenue system.
Officials of the revenue board said the National Board Revenue (NBR) is trying hard to bring pace in the installment procedure and has already directed the VAT commissionerates to take sufficient measures in this regard.
The board is also working for easing so that the business entities can get the software without any trouble and with low cost, they said.
“We are allowing new companies for developing the software in regular basis. Besides, the businesses can develop it with their own choice, if they wish. In this case, they will have to take NBR’s approval,” Abdul Mannan Sikder, Member of the NBR, told The New Nation over phone on Monday.
He said, “We have approved five new companies for developing the software to help businesses to maintain accounts and keep records.”
The newly enlisted companies are Pakiza Technology Limited, Syntech Solution Ltd, Unipro Software BD Ltd, System Resources Ltd and New Technology System Ltd.
Earlier, some 43 companies were allowed to develop the VAT software.
Around 2.80 lakh business entities have taken Business Identification Numbers (BINs) so far but less than 20 per cent has installed the software, the officials said.
The poor number of software installation is absolutely hampering automated system, said the officials.
The businesses, having more than Tk 5 crore in annual turnover, will have to use the software on a compulsory basis to ensure transparency and accuracy in accounts.
As per the VAT law, the businesses will have to preserve books of accounts and VAT-related documents using the software. The accounts data will have to be furnished as per the requirement of VAT offices.
The businesses will have to procure the software from the NBR selected firms and will have to take approval of the VAT commissioner for updating their software.
The NBR, on June 30, 2019, issued a general order making the use of the software mandatory for businesses and service providing entities for the purpose of record keeping and payment of VAT.
Businesses will have to procure the software from the selected firms or update their own software as per the NBR-approved specifications.
According to the order, the NBR will take punitive actions against those who will fail to comply with the order.
