Online VAT system from 2015: NBR

A new online value added tax (VAT) system will be introduced by the National Board of Revenue (NBR) from mid of next year (2015) to facilitate the online payment of the duties. According to official sources, the NBR has already selected a firm to procure a specialised web-based "Commercial-off-the Shelf (COTS)" software to set up the Integrated VAT Administration System (IVAS) to facilitate the new duty payment system. Officials said the BULL SAS--a France-based company was selected by the NBR through an open tender for the project. The French company has offered to execute the job at a cost of about Tk 860.14 million. Of the amount, it quoted about Tk 120.47 million as local currency and $ 9.916 million as foreign currency as cost of the project, according to a news agency.