HSBC launches statutory payment solution for corporate clients

Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh, in association with the National Board of Revenue and the Bangladesh Bank, recently rolled out an online statutory payment processing solution for the payments of value-added tax, VAT deducted at source (VDS), excise duty, supplementary duty, and penalties.

With the help of the system, transactions can be carried out more efficiently and it will provide convenience and faster service to corporate clients, said the multinational bank in a press release.

Previously, statutory payments were collected manually through paper-based instruments like pay orders that required clients to wait for several days.

But thanks to the introduction of the online system, businesses and organisations will be able to complete payments online through HSBCnet easily and securely, said the press release.

Transactions will be completed almost real-time through the Real Time Gross Settlement of the central bank.

Through HSBCnet, businesses and organisations will be able to easily pay VAT, VDS, excise duty, supplementary duty and penalties electronically without visiting banks or government offices physically.

The online solution enables multiple BIN (business identification number) validations in real-time and significantly reduces the processing time.

Upon successful payments, clients will receive a challan number promptly through the short message service. A challan copy will be emailed to the client on the next day.