Dhaka — The BRAC Bank has joined the National Board of Revenue (NBR) VAT Online project as the first private bank in Bangladesh. As a result, the bank's customers will have the direct benefit of paying VAT, VDS, and supplementary charges through the online payment solution ‘Corpnet'.
According to a press release on Thursday (July 1), a memorandum of understanding was signed at a function at BRAC Bank's head office.
Kazi Mostafizur Rahman, Director, VAT Online Project and NBR Commissioner was present as the Chief Guest at the event on June 30. “I congratulate BRAC Bank for being the first bank to be associated with the VAT Online project,” he said.
This integrated process will accelerate government revenue collection and help take the country one step further towards a digital Bangladesh.
Tarek Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking, BRAC Bank, said, “As one of the leading banks in the country, we have taken a number of digital initiatives for financial inclusion.”
As a result of API integration, NBR will be able to collect VAT directly from VAT payers, VAT payers will also be able to pay VAT at their convenience at their convenience, he noted.