VietNamNet Bridge – The Integrated VAT Administration System (IVAS) implemented by FPT Information System (FPT IS) for the National Board of Revenue, Bangladesh (NBR) was officially put into its scheduled operation after 12 months of deployment on Thursday.

The Integrated VAT Administration System implemented by FPT IS for the National Board of Revenue, Bangladesh was officially put into operation. - Photo courtesy of FPT

With a total value of US$33.6 million, it is FPT’s largest overseas IT project so far. The World Bank-funded project involves complex technology that requires implementation by a highly-qualified prime contractor with years of experience in the finance industry.

IVAS offers an effective way for the Bangladeshi Government to manage more than 500,000 VAT taxpayers (including enterprises, organizations and household businesses with sales of over 3 million Taka per year, equivalent to $38,000) and to support business operation of 320 local tax authorities nationwide.

Speaking at the ceremony, Bangladesh’s Minister of Finance Abul Mal Abdul Muhit said that the integrated VAT Administration System was a great achievement not only for the NBR but also for Bangladesh.

According to the Vietnamese Ambassador to Bangladesh, Tran Van Khoa, the on-time operation of the biggest IT system in Bangladesh undertaken by FPT not only enhances the prestige of Viet Nam’s IT companies in the local market but also opens both countries to promising co-operation opportunities in the future.

In 2015, FPT IS succeeded against five competitors from developed countries, including the United Kingdom, France, Canada, China and Luxembourg, to be chosen for the project.

After only three years operating in Bangladeshi market, FPT IS had previously signed four major contracts with the total value of more than $60 million.

FPT IS is currently the largest IT company in Bangladesh with 80 employees. FPT IS plans to establish its representative office in Bangladesh this year. 

Source: VNS