The National Board of Revenue in Bangladesh has launched an enhanced online VAT refund mechanism under the e-VAT System. This allows approved refund amounts to be transferred directly to taxpayers’ designated bank accounts via the Bangladesh Electronic Funds Transfer Network (BEFTN). By integrating with iBAS++, this system significantly minimizes the need for manual intervention, reduces the necessity for physical visits to VAT offices, and decreases processing delays.
The new system aims to eliminate manual delays, enhance efficiency, and improve compliance by digitizing VAT refund procedures. As a result, businesses can benefit from a more streamlined process, reducing administrative burdens and fostering a more robust digital tax ecosystem.
This development represents a major step towards full automation in Bangladesh’s tax administration, reinforcing the government’s commitment to transparency and facilitating ease of doing business.
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