MFS invoices are treated as tax invoices under five conditions

Henceforth, the National Board of Revenue (NBR) will treat invoices issued by Mobile Banking Service (MFS) providers against the electricity bills paid by customers as tax invoices.

Order on Tuesday (September 27) asked MFS invoices to be treated as tax invoices under five conditions.

The order of the National Board of Revenue- NBR states that it is giving this direction under the powers provided in clause (f) of sub-section (3) of section 46 of the Value Added Tax and Supplementary Duties Act, 2012 and rule 118A of the Value Added Tax and Supplementary Duties Rules, 2016. It has thereby laid down conditions and procedures for treating the invoice issued by the mobile banking service provider as a tax invoice against the electricity bill paid by the customer.

The conditions include - Institutions that have obtained licenses from Bangladesh Bank under MFS Regulation 2022, will be able to issue online invoices in favor of customers. At the same time, organizations authorized by the Bangladesh Postal Department to provide the same service can issue invoices online. However, in this case, there must be an agreement or agreement between the mobile banking service provider and the electricity distributor.

The conditions further include, mobile banking service providers shall issue an online invoice in their own format as specified in 'Chart-A' or with additional information as applicable. Original invoices can be issued only once.

However, if a copy is required, then the copy must be printed in large letters on the invoice. Each invoice should have a fiscal year-based numerical number and date. The representative nominated by the concerned commissioner or departmental officer can check the web portal, software and all other documents of the mobile banking service provider.