After a delay the National Board of Revenue (NBR) yesterday named 11 firms that will be eligible to develop software for businesses to help them maintain accounts and keep records of value-added tax.
The move comes four months after the revenue authority asked businesses with more than Tk 5 crore in annual turnover to use software on a compulsory basis in a bid to automate the VAT system. At that time, the NBR had directed companies to comply with the directive from January 1, 2019.
Since the software developers were not selected, businesses were unable to comply with the directive.
It took time to finalise the names of the software developers and enlist them, said Syed Mushfequr Rahman, project director of the NBR's VAT Online Project.
“We will not take measures against the businesses for not automating their systems because of the delay. But we will take measures if they don't use the prescribed software from now onwards,” he added.
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