Brac Bank partners with NBR to help collect Vat online

The National Board of Revenue (NBR) has partnered with Brac Bank, allowing the bank to establish its API connectivity with NBR's Vat Online Project.

With this partnership, Brac Bank has become the country's first private commercial bank to establish API connectivity with the revenue authority's Vat online project, said a media statement issued by the bank on Thursday.

The bank will now able to offer its corporate clients the solution to pay their Vat, VDS and supplementary duty with real-time data validation through CORPnet, the bank's unique internet banking platform.

NBR, following with the government's vision of becoming a Digital Bangladesh, has taken several steps towards strengthening its revenue mobilization programmes.

To this respect, NBR has initiated online Vat payments, enabling businesses to make Vat payments to the exchequer online and directly from their bank accounts.

With regard to the partnership between NBR and Brac bank, a small inauguration ceremony was held at the bank's head office on Wednesday by maintaining Covid related health protocols.

Kazi Mostafizur Rahman, NBR commissioner and director of Vat Online Project, attended the event as the chief guest.

"I would like to congratulate Brac Bank for becoming the first bank to connect with Vat online project. This integration will help collect government revenue effortlessly and take the country's journey a step ahead towards Digital Bangladesh," said Mostafizur Rahman.

Tareq Refat Ullah Khan, deputy managing director and head of corporate banking of Brac Bank, said, "As a leading bank with several digital initiatives for financial inclusion, we thank NBR for their trust in us and allowing Brac Bank to become a part of this historic digital journey."

The API integration will help NBR collect Vat payments directly from the Vat payers, while the Vat payers will now be able to make such payments at their convenience.