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Nagad, the mobile financial service of the Bangladesh Post Office, has come out as one of the top VAT payers in the country in only three years since it embarked on its journey.
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.
In recognition of Nagad’s outstanding contribution to the national exchequer, Finance Minister AHM Mustafa Kamal will hand over the ‘Highest VAT Payers Award’ to the digital financial service provider of Bangladesh Postal Department as the chief guest at a ceremony organised by the NBR at a city hotel on Saturday marking the VAT Week (December 9 to 15).
Industries Minister Nurul Majid Mahmud Humayun and President of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md Jashim Uddin will grace the occasion as the special guests while NBR Chairman Abu Hena Md Rahmatul Muneem will preside over the programme, said a press release.
The revenue board will honour top nine VAT-paying companies at the national level for the last fiscal year in three categories– production, services and business.
Nagad has gained customers at a faster pace because of its new innovations in providing services to its customers, leading to a gradual rise in transactions. Thus, the MFS provider has got into the list of highest VAT-paying companies.
Since its launching by Prime Minister Sheikh Hasina, Nagad has so far on-boarded more than 6.5 crore customers.
Nagad has revolutionised the way when 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.
Tanvir A Mishuk, founder and managing director of Nagad, said account opening simplification has not only accelerated financial inclusion but has also played a role in the country’s shift towards the cashless society.
‘While the customers use more digital services, their lives will be easier more. And, the benefits of Digital Bangladesh will reach every home. The government’s revenue generation will also get a boost,’ he also said.
Mishuk said the state-owned MFS provider is now working to set up the country’s first digital bank to take cashless transactions to the next level.
(NA)
