Top 10 NBR Approved VAT Software in Bangladesh

Businesses in Bangladesh often encounter difficulties when it comes to VAT Management. As a result, a number of companies have developed advanced cloud-based VAT software solutions that can alleviate some of these difficulties. Here, we will discuss the list of top 10 VAT software in Bangladesh that are approved by the National Board of Revenue (NBR).

When it comes to managing Value Added Tax (VAT), accuracy, and efficiency are key. These are extremely time-consuming and require transparency. This is why, many software development companies came forward to develop advanced solutions that can assist in the process. As there are many players in this industry now, businesses struggle to decide which solution to use for their VAT management. Selecting the appropriate VAT software in Bangladesh is one big dilemma that many VAT experts face regularly. Let’s find some key requirements of a VAT software in Bangladesh.

Key Recruitments of VAT Software in Bangladesh

Before diving into specific software options, it’s essential to assess your unique requirements. One must consider the following specifications as must-have in the top 10 VAT software in Bangladesh:

NBR Approval

The National Board of Revenue (NBR) must formally approve the software to ensure compliance with all VAT rules and regulations in Bangladesh. This ensures that the data formats and processes required by the NBR for electronic filing are compatible.  

Automatic Calculations

To avoid human mistakes and guarantee correct returns, VAT software in Bangladesh should automatically compute VAT according to relevant rates and exemptions. 

Regular Updates

If the NBR were to make changes to VAT regulations or e-filing procedures, the software provider would be wise to provide updates regularly to ensure compliance.  

E-filing

Quick and easy VAT return submission via the software requires tight integration with the NBR’s e-filing portal.

Inventory Management

Simplified value-added tax calculations and stock movement reports are two benefits that integrated inventory management features can provide to companies dealing with physical goods.

Import/Export Handling

It is essential for businesses engaged in global trade to have software that can manage the value-added tax (VAT) implications of imports and exports, as well as duties and paperwork.

Security and Data Protection

Financial and tax information is particularly vulnerable, so the software must use strong security measures to keep it safe and in line with privacy laws.

Customer Support

Reliable and fast customer support is essential for resolving any issues and optimizing the software. Almost all of the top 10 VAT software in Bangladesh ensures sustainable support for clients.

List of Top 10 VAT Software in Bangladesh

1. Prime VAT

Prime VAT is the ultimate VAT solution by iBOS Limited. Prime VAT, which is one of the NBR-approved VAT Management software in Bangladesh. In addition, it will resolve issues with tax and VAT computation complexity, human error potential, data security concerns, excessive time consumption, and insufficient VAT reports. Prime VAT is an entirely cloud-based program with encrypted data. What sets Prime VAT apart from other software is that it guarantees the fastest implementation.  

Key Features of Prime VAT

• NBR approved: Prime VAT is compatible with e-filing procedures and follows all VAT rules because it is NBR approved.
• Automated Calculations: The software automatically calculates VAT based on applicable rates and exemptions, minimizing manual errors and ensuring accuracy in returns.
  
• E-filing Integration: The software’s smooth integration with the NBR’s e-filing portal enables users to submit VAT returns efficiently and on time.
• Purchase and Sales Management: Track and record all purchase and sales transactions with associated VAT amounts, simplifying return preparation.
• Invoice Generation: Create compliant invoices with all necessary details for proper documentation and record-keeping.
• Reporting: Create thorough reports, such as statements of VAT liability, input-output tax statements, and audit reports, as required by the NBR.
  
• Mushak Generation: Automate the generation of “Mushak” forms, an essential requirement for VAT payments in Bangladesh.
  
• Configurable Modules: Configure modules to adapt the software to your specific business needs and workflow.
  
• User Access Control: Define user access levels for enhanced data security and control.
  
• Data Security: Employs robust security measures to protect sensitive financial and tax data.
  
• Customer Support: Offers reliable and responsive customer support to assist users with any issues.

Benefits of Using Prime VAT

• Improved Accuracy and Efficiency: Automates calculations, reduces manual errors, and streamlines processes for accurate and timely VAT compliance.
• Decreased Compliance Effort: Makes filing returns easier, automates Mushak generation, and guarantees compliance with NBR regulations.
• Time and Cost Savings: Saves time and resources associated with VAT compliance by automating tasks and eliminating manual processes.
• Improved Data Management: Provides all VAT transactions with centralized record-keeping, guaranteeing transparency and streamlining audits.
• Peace of Mind: Provides confidence in your VAT compliance, allowing you to focus on core business activities.
• Customization: Adaptable to specific business needs and workflows through configurable modules.

Additional Considerations

• Integrations: Prime VAT may offer integration with existing accounting or ERP systems, further enhancing efficiency and data flow.
  
• Pricing: Contact iBOS Limited for specific pricing details and inquire about any available trial versions.
• Industry Focus: While catering to diverse businesses, it’s essential to assess its suitability for your specific industry’s VAT requirements.

2. OVAT

The Bangladeshi software development firm OPUS Technology Limited developed OVAT as a VAT software in Bangladesh. Made specifically to fulfill all value-added tax compliance requirements set out by the National Board of Revenue (NBR) of Bangladesh.

Key Features of OVAT

• Processes VAT through purchase and sales transactions of raw materials and finished goods.
  
• Applicable for manufacturing, trading, and service organizations, including small businesses.
  
• Generates input and output coefficients, simplifying VAT calculations for the user.
  
• Covers all VAT requirements as per NBR guidelines. 

Key benefits

• NBR approved: Ensures compliance with VAT regulations, potentially reducing the risk of penalties.
• Automated calculations: Simplifies VAT calculations, saving time and effort.
• Comprehensive features: Covers all aspects of VAT management, from inputting transactions to generating reports. 
• Scalability: Suitable for businesses of all sizes.

3. Uddogi

Uddogi is developed by Nascenia Limited in compliance with the Supplementary Duty Act. This software is useful for businesses that deal in manufacturing and trading and must keep track of VAT management in Bangladesh.

Modules and Features of Uddogi

• Purchase
• Sales
• Adjustment 
• Mushak Reports Generation 

Key Benefits of Uddogi

• Streamlines VAT management for large businesses.
• Ensures compliance with NBR regulations.
• It saves time and reduces manual errors.
• Improves transparency and efficiency of VAT management in Bangladesh.  

4. VATPro

VATPro, is an accounting software that makes it easier to calculate VAT, make purchases, keep track of inventory, and file reports as required by the government.  It is simple to use and appropriate for companies of any size as VAT software in Bangladesh.  

Key Features of VATpro

• Simplified VAT calculations: Automates VAT calculations for purchases, sales, inventory, and more.
• Comprehensive reports: Generates various reports required by NBR, including VAT returns, input and output tax reports, and more. 
• Real-time data: Provides instant access to financial data and VAT liabilities. 
• User-friendly interface: Easy to learn and navigate, even for users with limited technical knowledge. 
• Customizable settings: Adapts to specific business needs and industry requirements. 
• Compatible with other programs: Creates a seamless network when combined with MediaSoft’s other enterprise management products.  
• Cloud-based and on-premise options: Available as both cloud-based and on-premise installations to suit individual preferences.

Benefits of VATPro

• Streamlines billing, accounting, cash flow, auditing.
• MIS reports.
• Real-time financial analysis.

5. Symphony VAT

Symphony VAT, a cloud-based VAT software solution, is developed by Symphony Softtech Ltd. As affordability is a top priority, small and medium-sized businesses can use the software. It is on number 5 of the list of top 10 VAT software in Bangladesh.

Key Features of Symphony VAT

• Simplified VAT calculations: Automates VAT calculations for purchases, sales, inventory, and more. 
• Comprehensive reports: Generates various reports required by NBR, including VAT returns, input and output tax reports, and more. 
• Real-time data: Provides instant access to financial data and VAT liabilities. 
• User-friendly interface: Easy to learn and navigate, even for users with limited technical knowledge. 
• Customizable settings: Adapts to specific business needs and industry requirements. 
• Integration with other software: Can be integrated with MediaSoft’s other business management solutions for an interconnected system. 
• Cloud-based and on-premise options: Available as both cloud-based and on-premise installations to suit individual preferences.

Benefits of Symphony VAT

• User-friendly interface.
• Basic reporting.
• E-filing.
• Purchase and sales recording.

6. PrideVAT

PrideVAT is developed by Pridesys IT Ltd., a software development company that builds full-featured VAT management software. It’s purpose is to meet the requirements of the Bangladeshi NBR compliance for VAT management

Features of PrideVAT solution

• NBR Compliance: Ensures compliance with VAT regulations, potentially reducing the risk of penalties.
• Automated calculations: Simplifies VAT calculations, saving time and effort. 
• Comprehensive features: Covers all aspects of VAT management, from inputting transactions to generating reports. 
• Scalability: Suitable for businesses of all sizes.

Benefits of PrideVAT solution

• Saves time and money: By automating VAT calculations and generating reports, PrideVAT can save you time and money. 
• Reduces errors: By eliminating manual data entry, PrideVAT can help reduce errors in your VAT calculations. 
• Improves compliance: PrideVAT can help you to ensure that you are complying with all VAT regulations. 
• Provides valuable insights: PrideVAT can supply you with useful insights into your VAT liabilities and cash flow.
  

7. UY VMS

UY VMS is developed by UY Systems Ltd., a well-established software company in Bangladesh. It can process transactions in various currencies, to simplify compliance, reduce errors, and streamline VAT processes. 

Key Features- of UY VMS

• Automatic VAT calculations: Handles VAT calculations for purchases, sales, adjustments, and more, minimizing manual intervention and errors.
• Comprehensive report generation: Creates a range of NBR-mandated reports, including input and output tax reports, VAT return forms, and reconciliation reports, easing compliance obligations.
• Multi-currency support: Accommodates transactions in different currencies, catering to businesses with international operations.
• User-friendly interface: Designed for ease of use and navigation, even for users with limited technical expertise.
• Customization options: Adaptable to specific business needs through configurable tax rates and reports.
• Data security: Emphasizes data security with built-in security measures and password protection.

Benefits of UY VMS

• Improved efficiency: Streamlines VAT management processes, saving time and effort.
• Enhanced accuracy: Minimizes errors in VAT calculations through automation.
• Simplified compliance: Makes filing NBR reports easier and reduces the risk of penalties.
• Better financial insights: Provides real-time data on VAT liabilities and cash flow, aiding informed decision-making.
• Scalability: Can grow with your business as your needs evolve.

8. Smart VAT

SmartVAT is developed by Digital Intelligence System as a solution that helps companies manage their VAT in an easier way. As a cloud-based solution, it provides all the necessary facilities of an online VAT management software in Bangladesh and also is in accordance with the NBR compliances.

Features of Smart VAT

• User-friendly interface: Designed for ease of use and navigation, even for users with limited technical expertise.
• NBR Compliance: Ensures compliance with VAT regulations, potentially reducing the risk of penalties.
• Data Import and Export: Securely ensure Data Import and Export.
• Reliability: Reliability is one of the important features that makes Smart VAT different from others. 
• System API integration: Smart VAT provides API Integration for a smooth VAT transition.

9. Subra VAT Management System

SubraVAT, is designed by Subra Systems in accordance with the VAT and Supplementary Duty Act, 2012. Not only it is efficient for VAT management of manufacturing industries but also it allows integration with other NBR systems.

Key features of Subra VAT

• NBR approved
• Automatic VAT calculations
• E-filing integration
• Comprehensive reporting
• Purchase and sales management
• Invoice generation
• Inventory management (optional)
• Import/export handling (optional)
• Data security
• Customer support

Benefits of using Subra VAT

• Saves time and money on VAT compliance
• Reduces the risk of errors
• Improves accuracy of VAT returns
• Provides valuable insights into VAT data
• Simplifies VAT compliance process 

10. iVAT

Brac IT, a tech firm by the renowned international non-governmental organization (NGO) BRAC, developed iVAT, a cloud-based VAT software in Bangladesh. To meet the demands of businesses operating in Bangladesh with a solution for VAT management and guarantee compliance with the complex Value Added Tax (VAT) regulations, it is tailor-made for them.

Features of iVAT

• NBR approved: The National Board of Revenue (NBR) of Bangladesh has officially approved iVAT, ensuring compliance with all VAT regulations and compatibility with e-filing procedures. 
• Automated calculations: The software automatically calculates VAT based on applicable rates and exemptions, minimizing manual errors and ensuring accuracy in returns.
• E-filing integration: iVAT seamlessly integrates with the NBR’s e-filing portal, allowing for efficient and timely submission of VAT returns directly from the software.
• Reporting: Create thorough reports in accordance with the NBR’s specifications, including VAT liability statements, input-output tax statements, and audit reports.
• Mushak generation: Automate the generation of “Mushak” forms, an essential requirement for VAT payments in Bangladesh. 
• Record-keeping and transparency: Maintain transparent records of all VAT-related activities, simplifying audits and compliance procedures.

Benefits of iVAT

• Improved accuracy and efficiency: automates calculations, reduces manual errors, and streamlines processes for accurate and timely VAT compliance.
• Reduced compliance burden: simplifies filing returns, automates Mushak generation, and ensures adherence to NBR regulations.
• Time and cost savings: automates tasks, eliminates manual processes, and saves time and resources associated with VAT compliance.
• Enhanced data management: Offers centralized record-keeping for all VAT transactions, ensuring transparency and facilitating audits.

Final Words

Selecting the optimal VAT management software is a crucial decision. Thoroughly research each option, considering your specific needs, budget, and desired features. Don’t hesitate to request demos and trials to gain hands-on experience before making your choice. With careful evaluation and a clear understanding of your requirements, you’ll find the perfect VAT software in Bangladesh to navigate the complexities of tax compliance with ease and efficiency.