Two top policymakers yesterday called for strengthening cyber security to safeguard electronic systems for transactions from hackers.

“The more we make our systems digitised, the greater are the risks. So, we will always have to be cautious,” said Bangladesh Bank Governor Atiur Rahman.

He called for efforts to develop all sorts of security firewall to shield online systems for transactions from cyber attacks. “We have to have a disaster management system in place.”

Rahman's comments came at a seminar organised by the National Board of Revenue at the Institution of Diploma Engineering Bangladesh in Dhaka.

The seminar was on the integration of VAT e-payment with the Integrated Budget and Accounting System and banks.

M Aslam Alam, secretary of the Bank and Financial Institutions Division of the finance ministry, also called for greater preparation to ensure cyber security.  “Cyber security is important.”

The calls for greater protection come as local and international fraudsters skimmed four automated teller machines in Dhaka to steal cardholder data and subsequently about Tk 25 lakh between February 6 and February 12.

ATM skimming, which was unprecedented in Bangladesh, not only cost the banks in money but also dented the confidence of users.

The incident prompted the central bank to direct banks to deploy anti-skimming devices to protect their customers.

The BB governor said the central bank works to make systems immune to cyber attacks.

“Even after that there is no room for complacency. Hacking takes place everywhere. The FBI, the World Bank and the IMF were also victims of hackers. So, all of us should remain prepared.”

“It is important because we are opening many new lines,” Rahman said about the forthcoming online VAT payment systems.

On VAT e-payment, Rahman cited various technologies introduced by the BB to ensure electronic fund transfers and payments. The technologies will enable taxpayers to pay VAT online.

He however said the banks are yet not clear how their online transaction systems would be integrated with the VAT e-payment system.

Rahman advised the tax authority to allow all banks to participate in the e-payment system to reduce hassles of taxpayers.

Currently, only state-run Sonali Bank does treasury function of the government.

Options should be available to ease the process, he said, while suggesting the inclusion of mobile banking as an option for tax payment.

Alam said a technical coordination committee should be formed involving bankers, taxmen and other stakeholders to fix the problems and suggest solutions so that taxpayers get better services once the VAT e-payment system becomes operational.

He also underscored the need for ensuring inter-operability of the government's online systems to provide hassle-free services to people, including taxpayers. 

“We should develop a system so that it becomes interoperable with other systems,” he added.

Controller General of Accounts of Bangladesh Md Abul Kashem suggested hiking the ceiling of payment through treasury receipts from present Tk 10,000.

He also called for the taxmen to deposit pay orders of tax payment to the exchequer within 24 hours of their receipt.

The commissioners at field offices tend to show a lax attitude in depositing the pay orders to banks once their collection targets for the month are achieved, according to Kashem.

It is not pleasant that tax payment does not go to the exchequer as soon as they are deposited, he said.

Jahangir Hossain, member of VAT policy at NBR, said taxpayers will be able to complete all VAT-related procedures and pay the tax online without hassles once the system comes on stream.