Dhaka, Jan. 7 -- The National Board of Revenue (NBR) has launched an online system for value-added tax (VAT) refunds to ease the long-standing hassles businesses face in claiming refunds.

Three business entities received their VAT refunds instantly on Wednesday as the automated system was inaugurated.

Another institution completed the process but could not receive the refund at the time due to incorrect bank information.

NBR Chairman Abdur Rahman Khan formally inaugurated the system at the Rajosshyo Bhaban in Agargaon, Dhaka.

He said, "We have followed the exact procedure that exists in the manual refund system and brought it into an electronic system."

"Let's try the electronic system first. If we see that the process needs to be si...