The National Board of Revenue (NBR) has launched the online VAT refund module to receive and process VAT refund applications online, and to transfer the refunds directly to taxpayers' bank accounts.

The revenue authority said it has established an interconnection between its existing Integrated VAT Administration System (iVAS) and the iBAS++ of the Finance Division through the online VAT refund module.

This will enable the transfer of refundable VAT amounts directly to taxpayers' designated bank accounts through the Bangladesh Electronic Fund Transfer Network (BEFTN), it said in a press release today.

Using the online VAT refund system, a taxpayer can submit a refund application online.

The concerned VAT commissionerate, upon receiving the application, will verify it in accordance with the provisions of the VAT law. 

After approval, the refunded VAT amount will be automatically transferred to the taxpayer's bank account, it added.

"Under this newly introduced system, taxpayers will no longer need to visit VAT offices to submit refund applications or to collect refund cheques, thereby saving both time and money, while ensuring transparency in the refund process," said the NBR.