The National Board of Revenue (NBR) has introduced an online VAT refund module to streamline the process of receiving and handling VAT refund requests electronically, with the aim of directly depositing the refunds into taxpayers’ bank accounts.
According to the revenue authority, a connection has been established between the existing Integrated VAT Administration System (iVAS) and the iBAS++ of the Finance Division through the online VAT refund module. This integration allows for the seamless transfer of refundable VAT amounts directly to taxpayers’ specified bank accounts via the Bangladesh Electronic Fund Transfer Network (BEFTN), as stated in a recent press release.
Through the online VAT refund system, taxpayers now have the convenience of submitting their refund applications online. Upon receipt of the application, the relevant VAT commissionerate will conduct a thorough verification process in compliance with VAT regulations. Once approved, the refunded VAT sum will be promptly transferred to the taxpayer’s bank account automatically.
The NBR highlighted that with this new system in place, taxpayers no longer need to physically visit VAT offices to submit refund applications or collect refund cheques. This advancement not only saves time and money for taxpayers but also ensures transparency in the refund procedure.