Economic Reporter :
National Board of Revenue (NBR) has initiated a move to introduce ‘Electric Fiscal Device (EFD)’ in fiscal year 2018-19 (FY19) to ensure collection of Value Added Tax (VAT) in a hassle-free and transparent way.
Software will be developed for linking VAT paying businesses so that the NBR can collect VAT transparently.
“NBR wants to ensure the use of EFD by all businesses within the next one year. There will be a direction about it in the budget for fiscal year 2018-19,” said NBR chairman Md Mosharraf Hossain Bhuiyan.
He said EFD will be connected with the central server of
NBR. When anyone buys a product a ‘chalan’, supplied by the shop-owner, will be printed with specific code of the NBR, he said, adding that this system will help check evading VAT.
Bhuiyan said the NBR has planned to bring all eligible taxpayers under the tax net in the next budget (FY19) and special measures will be taken to check tax evasion. The NBR will introduce EFD instead of ECR (Electronic Cash Register) so that it can collect VAT properly, he added. “A clear focus will be made about EFD in the next budget,” he added.
He said EFD must be used by all businesses within the next one year. The NBR chairman indicated that the rate of corporate tax will be reduced in the next budget to facilitate industrialization but said it will be challenging for the NBR to attain revenue earning target if the corporate tax is slashed. For this reason, the NBR has planned to take all-out measures to check tax evasion in the coming fiscal year, he added. He said many businesses collect VAT from people but do not deposit the collected VAT to the national coffer.
National Board of Revenue (NBR) has initiated a move to introduce ‘Electric Fiscal Device (EFD)’ in fiscal year 2018-19 (FY19) to ensure collection of Value Added Tax (VAT) in a hassle-free and transparent way.
Software will be developed for linking VAT paying businesses so that the NBR can collect VAT transparently.
“NBR wants to ensure the use of EFD by all businesses within the next one year. There will be a direction about it in the budget for fiscal year 2018-19,” said NBR chairman Md Mosharraf Hossain Bhuiyan.
He said EFD will be connected with the central server of
NBR. When anyone buys a product a ‘chalan’, supplied by the shop-owner, will be printed with specific code of the NBR, he said, adding that this system will help check evading VAT.
Bhuiyan said the NBR has planned to bring all eligible taxpayers under the tax net in the next budget (FY19) and special measures will be taken to check tax evasion. The NBR will introduce EFD instead of ECR (Electronic Cash Register) so that it can collect VAT properly, he added. “A clear focus will be made about EFD in the next budget,” he added.
He said EFD must be used by all businesses within the next one year. The NBR chairman indicated that the rate of corporate tax will be reduced in the next budget to facilitate industrialization but said it will be challenging for the NBR to attain revenue earning target if the corporate tax is slashed. For this reason, the NBR has planned to take all-out measures to check tax evasion in the coming fiscal year, he added. He said many businesses collect VAT from people but do not deposit the collected VAT to the national coffer.
