The Large Taxpayer Unit (LTU) of the National Board of Revenue (NBR) has begun the task of enrolling new software manufacturer companies to implement VAT software, which opens up a huge potential for the Bangladesh Association of Software & Information Services (BASIS) members to expand their business.
On Saturday (Oct 5), BASIS organized a workshop with the business entities that are eager to get enlisted to implement the VAT software.
The workshop was conducted by Muhammad Mubinul Kabir, Commissioner of the LTU division of the NBR. BASIS President Syed Almas Kabir inaugurated the workshop. Senior Vice-President Farhana A. Rahman, Vice-President (Administration) Shoeb Ahmed Masud, Vice-President (Finance) Mushfiqur Rahman, Mostafizur Rahaman Sohel, Chairman, BASIS Standing Committee on local market, were present on the occasion.
BASIS President Syed Almas Kabir said, from BASIS we appreciate the new VAT law implemented by government. This will expand the business of local software companies. At the 1st phase of making all government sectors digitalized; according to the rules of NBR, previously enlisted 11 companies have made VAT software through which the VAT of the purchased raw materials can be easily calculated.
It will also help company owners easily determine the accurate prices including VAT of the finished product. Hence make profit out of the business. These software will properly calculate VAT part of each transaction so that NBR & companies stay on the same board.
Coordinator of the workshop Farhana A. Rahman said in addition to the inclusion of 11 companies, the NBR has made it mandatory for large taxpayer organizations to use VAT software, so there is an ongoing process for inclusion of more VAT software companies. Work is under way to ensure revenue collection through local VAT software. This process will play a vital role in expanding the local market and will play a leading role in expanding the business for local organizations, especially for the BASIS member organizations.
Muhammad Mubinul Kabir, Commissioner of the LTU division of the NBR, said that the National Board of Revenue has listed 11 software companies primarily. In order to implement VAT software, manufacturers / business entities that are newly enrolled must have a sound idea of what kind of software they have and whether they should be pre-qualified. In this regard, I have given guidance to the BASIS member organizations in today's workshop. I also acquired the views of the BASIS members.
More than 150 BASIS members attended the workshop. In addition to exchanging views, the workshop conductor answered various questions from the members.
- Press release