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NBR to install electronic registers at retail, wholesale this month

The National Board of Revenue is going to start installation of electronic transaction registers termed as electronic fiscal device from this month at retail and wholesale levels, said NBR Chairman Md Mosharraf Hossain Bhuiyan today.

Already a consignment has arrived at Chattogram port and the NBR will begin providing the devices after release from the port and completion other formalities, the NBR chairman said at a press briefing at the NBR headquarters in Dhaka.

The NBR organised the press briefing to share its plans to observe the VAT Day on December 10 and VAT week from December 10-15.

The NBR will honour top VAT payers in fiscal year 2017-18 apart from organising rally and other awareness raising campaigns on Value Added Tax, a indirect tax which is the biggest source of revenue for the NBR.

Bhuiyan said VAT at trading stage is 3 percent of total annual collection of VAT and installation of EFDs will increase receipts from this area because of actual reporting on sales by large and medium shops.

Some10,000 EFDs would be installed initially, he said adding that 90,000 more of such devices would be placed at sales counters of stores based on  success of the first 10000.

The NBR also has plans to buy more EFDs to bring higher number of stores under its monitoring to ensure actual amount of VAT are deposited in the state coffer, according to Bhuiyan.

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