Nagad to receive award from NBR as one of top VAT payers
Nagad, the mobile financial service of the Bangladesh Post Office, has quickly become one of the top VAT payers in the country since it began its journey just three years ago.
The National Board of Revenue (NBR) has already declared Nagad Limited as the third highest VAT-paying company for the fiscal year 2021-2022 in the services category.
This is a great accomplishment for Nagad and it showcases the company’s dedication to being a responsible and contributing member of society.
Nagad will be receiving the “Highest VAT Payers Award” from Finance Minister AHM Mustafa Kamal at a ceremony organized by the NBR to mark the VAT Week. This is in recognition of Nagad’s outstanding contribution to the national exchequer. As the chief guest, the digital financial service provider of Bangladesh Postal Department will be presented with this award at a city hotel on Saturday.
The industries minister and president of the Federation of Bangladesh Chambers of Commerce and Industries will be the special guests at an event honoring the top nine VAT-paying companies in Bangladesh, according to a press release.
The companies will be honored in three categories: production, services, and business. The event will be presided over by the chairman of the National Board of Revenue.
Nagad has gained popularity among customers for its innovative new services, leading to a gradual rise in transactions. As a result, the MFS provider has become one of the highest VAT-paying companies in the country.
Since its launch by Prime Minister Sheikh Hasina, Nagad has on-boarded more than 6.5 crore customers.
Nagad has revolutionised the way the government disburses social safety net allowances and education stipends to the crore of families. The MFS provider also distributed PM’s cash aid to the poor families ahead of Eid during the pandemic.
Nagad’s founder and managing director, Tanvir A Mishuk, stated that not only has the simplification of account opening increased financial inclusion but it has also contributed to the country’s transformation into a cashless society.
“As customers make use of more digital services, their lives will become more convenient. Furthermore, the advantages of Digital Bangladesh will become available to every household. The government’s revenue generation will also improve,” he said.
Mishuk said that the state-owned MFS provider is now working on setting up the country’s first digital bank to elevate cashless transactions to the next level.
