Green Delta Insurance Company Ltd has launched its online VAT return processing software earlier today through a virtual inauguration ceremony.
Member of Insurance Development & Regulatory Authority Md Dalil Uddin; President, Bangladesh Insurance Association Sheikh Kabir Hossain; Mafiz Uddin Ahmed, Additional Secretary, Financial Institution Division; Wahida Rahman Chowdhury, Commissioner, LTU-VAT; MD and CEO of Green Delta Insurance Co Ltd Farzanah Chowdhury; AMD and Company Secretary, Syed Moinuddin Ahmed; and Financial Controller, Syed Aliul Ahbab, were present at the launching program, said a Green Delta Insurance press release.
As per the National Board of Revenue's circular issued in 2019, it was advised that all organizations with turnover above BDT 5 crore should implement VAT software for automated return processing.
Complying with NBR's advisement and under IDRA's supervision, Green Delta Insurance is the first to implement VAT software in the insurance industry, the release said.
The MD and CEO of Green Delta Insurance, Farzanah Chowdhury said, "We have been automating and digitalizing our business processes and customer experience since 2020. Moreover, we intend to go paperless in near future, and the implementation of VAT software to automate VAT return processing is completely aligned with our organizational goal. I want to thank NBR for such advisement and express my gratitude to IDRA for their guidance."
The chief guest of the event, Member of IDRA - Md. Dalil Uddin said, "It's indeed a timely initiative and I hope other organizations in the insurance industry will soon follow the footsteps of GDIC for automating the VAT return processing."
President of BIA - Sheikh Kabir Hossain said, "BIA has been working on mitigating the problems of the insurance sector and we always do our best to help insurance companies in digitizing and systemizing business processes for transparency and more reliable reporting. It's a historic event for the insurance industry as Green Delta has implemented VAT software as per NBR's instruction and I have high hopes that others will follow."