The National Board of Revenue has launched an Online VAT Refund Module to facilitate the online submission, processing, and direct transfer of VAT refund amounts to taxpayers' bank accounts.
According to a press release, through the introduction of the new module, a digital linkage has been established between the existing Integrated VAT Administration System and the Ministry of Finance's iBAS++ system.
This interconnection would allow taxpayers鈥� approved VAT refund amounts to be transferred directly to their designated bank accounts via the Bangladesh Electronic Fund Transfer Network.
Through the Online VAT Refund Module, taxpayers could now submit VAT refund claims electronically along with their VAT returns.
The respective VAT Commissionerate would verify and approve the refund following the relevant laws and regulations.
Once approved, the system would automatically transfer the refund amount through iBAS++ using BEFTN 鈥� eliminating the need for taxpayers to visit VAT offices to submit applications or collect refund cheques.
According to NBR, the newly introduced system would save taxpayers鈥� time and costs while ensuring greater transparency in refund disbursement.
To process refund applications through the newly introduced Online VAT Refund Module, taxpayers must submit new refund applications online using Form Mushak-9.1 through the iVAS system, even for refund claims previously submitted online or manually in hardcopy form that remain unresolved.
To ensure proper use of the Online VAT Refund Module and enhance service efficiency, NBR has already arranged training for officers and staff of all VAT Commissionerates. Taxpayers can contact their respective VAT Commissionerates for necessary information and assistance regarding online VAT refund.
With the introduction of the Online VAT Refund Module for direct transfer of VAT refund amounts to taxpayers' bank accounts, NBR's ongoing digitalisation process has advanced another significant step.
NBR would continue its efforts to bring all its activities gradually under full automation to ensure transparency and accountability, the press release added.