VAT MANAGEMENT SOFTWARE

Value Added Tax (VAT) compliance and returns management can be complex, costly and challenging for organizations in Bangladesh. Organizations have perpetually limited the use of Information Technology for VAT compliance to basic ERP configurations and ERP report customization. The latest approach to managing VAT compliance is majorly unorganized and unstructured.

One of the major challenges is the absence of a comprehensive and integrated database and processing solution. Compliance with varying provisions in each State in a predominantly manual VAT compliance is yet another challenge. Moreover, it is also necessary to ensure that tax positions adopted have been implemented as envisaged across States. Organizations even face a lack of audit trail of VAT calculations and return compilation.