Keep records using specified software

Businesses having an annual turnover or sales volume worth Tk 50 million or more will have to maintain their transaction records by using specified software from September 01, said an order of the National Board of Revenue (NBR).

The businesses will have to procure the software from some 11 software companies, designated by the board.

In a recent general order, the NBR has made use of the software mandatory for the businesses to ensure proper collection of Value Added Tax (VAT).

However, the businesses will be able to update their own software as per the board's specifications, but they will have to obtain approval of the VAT commissioner concerned.

The VAT officials will take punitive actions against them in case of failure to install the software within the given timeframe.

Officials said due to lack of preparation the NBR has revised its previous order, issued on September 11, 2018, under which using the software was made mandatory from January 01, 2019. As per the NBR's recent order, books of accounts and VAT-related documents of the businesses will have to be preserved by using the software to ensure transparency.

Along with automated reports, the businesses will have to keep hardcopy of the documents for five years.

Their software should be accessible to the VAT officials for audit and other examinations.

The officials said some businesses have already installed the software by obtaining the NBR's approval.

In the order, the NBR has also instructed those businesses to update the software by July 31, following implementation of the new VAT act and rules.

doulot_akter@yahoo.com