Nagad emerges as top VAT payer

Nagad, the fastest-growing mobile financial service provider, has once again emerged as a top VAT depositor, says a press release.

The National Board of Revenue (NBR) has declared Nagad Limited as one of the top VAT-paying companies in the country for fiscal year 2021-22 in the service category.

Finance Minister AHM Mustafa Kamal will hand over the 'Highest VAT Payer Award' to the popular MFS operator at a ceremony to be organised by the NBR on December 10 marking the National VAT Day.

As in previous years, the revenue board will honour top nine VAT-paying companies at the national level in three categories -- production, service, and business.

Nagad's inclusion in the top VAT payers' list is attributed to its rapid customer growth, fuelled by innovative service offerings that have led to an upswing in transactions.

Since its launch by Prime Minister Sheikh Hasina, Nagad has garnered over 85 million customers and revolutionised the disbursements of social safety net allowances, education stipends, and even distributed cash aid to underprivileged families during the pandemic times.

The MFS provider is now actively working towards launching the country's first digital bank, aiming to elevate cashless transactions to the next level, said Mohammad Aminul Haque, executive director of Nagad Ltd.