Value Added Tax (VAT) is a consumption tax that is applied to the sale of goods and services. In Bangladesh, VAT is administered by the National Board of Revenue (NBR). Businesses that are registered for VAT are required to collect VAT from their customers and remit it to the NBR.
Navigating the intricate landscape of Value Added Tax (VAT) management in Bangladesh requires the right tools and technology. As businesses strive to stay compliant with ever-evolving tax regulations, the role of VAT management software becomes increasingly pivotal. In this blog post, we delve into the dynamic realm of VAT management solutions available in Bangladesh. Whether you’re a small enterprise or a large corporation, finding the software that aligns with your business needs is crucial for streamlined financial operations. Join us as we explore the top 5 VAT management software options that have made their mark in the Bangladeshi market, ensuring efficient VAT management and seamless compliance.
Bangladesh’s National Board of Revenue (NBR) has approved numerous software firms for the development and provision of VAT management software to local businesses. These firms have undergone rigorous evaluation by the NBR to ensure their software aligns with the stipulations of the Value Added Tax (VAT) Act of 1991.
These approved firms present a range of VAT management software solutions, encompassing both cloud-based and desktop-based options. The cost of the software varies based on the array of features and functionalities it offers. Businesses within Bangladesh mandated to register for VAT are obligated to employ NBR-approved VAT management software. Utilizing unauthorized software can lead to the imposition of penalties and fines.
If you are a business operating in Bangladesh and require VAT registration, it is advisable to engage with one of the NBR-approved software firms. This will facilitate discussions regarding your specific needs and enable you to obtain a software quote tailored to your requirements.
Here are some of the benefits of using NBR enlisted VAT management software:
There is a number of VAT management software available in Bangladesh that can help businesses to comply with VAT regulations. This software can automate the calculation and filing of VAT returns, as well as generate reports on VAT transactions.
Here are the top 5 VAT management software in Bangladesh:
SmartVAT is specialized VAT software endorsed by the NBR, designed to streamline and execute VAT processes through a user-friendly interface and intuitive dashboard. SmartVAT has been meticulously developed to cater to the requirements of various businesses, including Group of Companies, ensuring seamless integration, premium features, and receiving favourable client feedback, which positions SmartVAT as a transformative solution.
SmartVAT Features
The foundation of SmartVAT software is rooted in years of industry analysis, emphasizing user-friendliness, reliability, flexibility, security, and a comprehensive integration process. Key features include:
OVAT, a VAT software solution endorsed by the NBR in Bangladesh, efficiently manages VAT processes encompassing the purchase and sales transactions of raw materials and finished goods. Its application extends beyond manufacturing, trading, and service-oriented organizations, encompassing small enterprises as well. OVAT generates Input and Output Coefficients, significantly simplifying VAT department operations by ensuring compliance with the guidelines established by the National Board of Revenue (NBR) in Bangladesh. OVAT has received NBR’s approval as a legitimate VAT software solution for use in the country.
Opus Technology Limited, a prominent ERP solutions provider in Bangladesh, has earned the distinction of being an NBR-enlisted software firm. This recognition positions the company to offer comprehensive VAT management software solutions to enterprises throughout the nation.
OVAT Features:
With an unparalleled suite of tools, OVAT streamlines every aspect of VAT-related processes, ensuring seamless compliance and enhanced efficiency. Let’s delve into the key features that make OVAT an indispensable solution for businesses across various sectors.
Procurement Module:
Sales Module:
Inventory / Stock Module:
Accounts Module:
Branch-Specific VAT Management:
Seamless Handling of Sales, Purchases, Accounts, and Inventory across Multiple Branches
PrismVAT is VAT management software that is developed by Divine IT Ltd. It is cloud-based software that is easy to use and affordable. PrismVAT can help businesses to automate the calculation and filing of VAT returns, as well as generate reports on VAT transactions
PrismVAT Features:
It has been successfully implemented across more than 60 multidimensional businesses, offering the following benefits:
Enhanced Risk Management: Gain insights into accounts receivable, accounts payable and related VAT risks.
Improved Control & Transparency: Achieve fact-based analysis of VAT & SD Act of 2012, leading to accurate insights into potential cash savings.
Streamlined Priorities: Reduced compliance paperwork, audits, and form filling allow tax professionals to focus on VAT planning and prevention.
PrismVAT Features:
It has been successfully implemented across more than 60 multidimensional businesses, offering the following benefits:
Enhanced Risk Management: Gain insights into accounts receivable, accounts payable and related VAT risks.
Improved Control & Transparency: Achieve fact-based analysis of VAT & SD Act of 2012, leading to accurate insights into potential cash savings.
Streamlined Priorities: Reduced compliance paperwork, audits, and form filling allow tax professionals to focus on VAT planning and prevention.
VATPro is desktop-based VAT management software that is developed by Mediasoft Data Systems Limited. It is compliant with the latest VAT regulations in Bangladesh and is used by a number of large businesses in the country.
VATPro Features
VATPro empowers companies to efficiently oversee billing and accounting, cash flow, auditing, MIS reports, and real-time financial analysis and evaluation. With its intuitive and user-friendly interface, VATPro caters to companies of varying scales, be it small, medium, or large enterprises.
Key features of VATPro include:
Input Material Management: Organize input materials by category, streamlining inventory management.
Vendor Profile: Maintain comprehensive records of vendor information for improved transparency.
Input-Output Coefficient: Effortlessly calculate the input-output coefficient (Mushak-4.3) for accurate VAT computation.
Purchase Entry: Record purchase details according to Mushak-6.1 standards.
User Access Control and Security: Ensure data integrity with robust user access controls.
Material Issue Management: Implement the Bills of Materials (BOM) for both in-house and contractual manufacturing (Mushak-6.4).
Source-Based VAT Deduction Report: Generate detailed reports on VAT deductions at the source.
Reconciliation Reporting: Simplify reconciliation procedures with comprehensive reports.
Product/Service Management: Organize products and services by category for streamlined management.
Customer Profile: Maintain detailed customer profiles for effective relationship management.
Sales Management: Record product/service sales according to Mushak-6.3 standards.
Sales Register: Effectively manage the purchase and receipt of finished goods, following Mushak-6.2 guidelines.
Automated VAT Reporting: Ensure compliance with NBR regulations through automatic VAT report updates.
Item-Wise Stock Reports: Access detailed item-wise stock reports for informed decision-making.
Production Reporting: Gain insights into production activities with comprehensive production reports.
Uddogi is a VAT software designed for businesses with annual revenue over 5, 00, 00,000 BDT, including manufacturers, traders, importers, exporters, and service providers. It enables seamless management of transactions, from raw materials to finished goods, and simplifies VAT operations for imports and exports. Uddogi is user-friendly, eliminating the need for separate VAT accounts and paper documentation.
Uddogi Features
Below, we highlight the key features of each module:
Purchase Module:
Sales Module:
Settings Module:
In conclusion, navigating the complex realm of Value Added Tax (VAT) management in Bangladesh is crucial for businesses striving to remain compliant and streamline their financial operations. VAT management software plays a pivotal role in achieving these goals. The array of options available in the Bangladeshi market offers diverse features, integrations, and user-friendly interfaces to cater to various business needs.
The National Board of Revenue (NBR) has enlisted several software firms in Bangladesh to develop and provide VAT management software that aligns with the VAT Act of 1991. These NBR-approved firms offer solutions that enable businesses to efficiently manage VAT processes, ensuring compliance, accuracy, and improved financial management. The benefits of using NBR-approved VAT management software include enhanced compliance, reduced risk of penalties, increased efficiency in administration, improved accuracy in reporting, optimized cash flow management, and heightened visibility of VAT transactions.
Each of the top 5 software options provides unique features and benefits, catering to a diverse range of business requirements. Selecting the right VAT management software can significantly contribute to a business’s success in navigating the intricacies of VAT regulations in Bangladesh.
