eVAT – Online VAT Payment Solution

eVAT – Online VAT Payment Solution

Now you can make VAT payments to the Government electronically through HSBCnet.

HSBC has launched an online Value Added Tax (VAT) payment solution first time in Bangladesh, in association with National Board of Revenue (NBR) and Bangladesh Bank.

In Bangladesh, VAT payments are primarily collected through paper instruments (e.g. Pay Order or Bangladesh Bank Cheque) which are manual, time consuming and prone to human error. With HSBC’s eVAT solution, your company will be able to make VAT payment to the Government electronically through HSBCnet. Upon completion of a successful payment, you will receive an SMS with a VAT Challan Number (receipt provided by the Government) and an email from NBR.

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Benefits

  • No need to go to the bank or Government office.
  • No need to handle paper-based instruments, e.g. Pay Order, Bangladesh Bank Cheque.
  • Each transaction will be completed near real-time through Real Time Gross Settlement (RTGS), instead of taking up to three days using paper instruments.
  • Reduced processing costs.
  • SMS receipt of the VAT Challan Number within couple of minutes.
  • Email receipt of challan copy from NBR the following business day.
  • Easier and faster reconciliation.

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