Green Delta Insurance Company Ltd. has launched its online VAT return processing software earlier today through an online video conferencing platform. As per 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.
At the launching ceremony, Member of Insurance Development & Regulatory Authority – Md. Dalil Uddin was present as the Chief Guest, while Sheikh Kabir Hossain (President, Bangladesh Insurance Association), Mafiz Uddin Ahmed (Additional Secretary, Financial Institution Division) and Wahida Rahman Chowdhury (Commissioner, LTU-VAT) were also present as special guests. In addition, MD & CEO of Green Delta Insurance Co. Ltd. – Farzanah Chowdhury, AMD & Company Secretary – Syed Moinuddin Ahmed and Financial Controller – Syed Aliul Ahbab, were also present at the launching program.
According to a press release issued by the company, the VAT Software will automate the whole VAT return processing and will ensure transparency, convenience and timely processing of VAT return.
The MD & CEO of Green Delta Insurance, Farzanah Chowdhury shared, “We have been automating and digitalizing our business processes and customer experience since 2020. Moreover, we intend to go paperless in near future, and 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 opined, “It’s indeed a timely initiative and I hope other organizations in insurance industry will soon follow the footsteps of GDIC for automating the VAT return processing.”
Special Guest, Commissioner of Large Taxpayer Unit-VAT, Wahida Rahman Chowdhury, also shared her valued opinion and emphasized on ensuring timely and accurate reporting of VAT return.
Another Special Guest, President of BIA – Sheikh Kabir Hossain said, “BIA has been working on mitigating the problems of insurance sector and we always do our best to help insurance companies in digitizing and systemizing business processes for transparent and more reliable reporting. It’s a historic event for insurance industry as Green Delta has implemented VAT software as per NBR’s instruction and I have high hopes that others will follow.”