Genex Infosys appointed for VAT collection for three years

Genex Infosys Limited, a leading IT service provider, will provide and install 300,000 VAT collecting machines in Dhaka city and its adjoining areas as well as in Chottagram city in the next three years.

Cabinet Committee on Government Purchase (CCGP) at a meeting on Wednesday approved a proposal of the National Board of Revenue (NBR) to select Genex Infosys as a vendor to collect value added tax (VAT) on behalf of the government.

Finance Minister AHM Mustafa Kamal presided over the virtual meeting while members of the committee attended it, reports UNB.

Genex Infosys was selected through an open tender, said the additional secretary of the Cabinet Division Abdul Barik while briefing on the decisions of the committee.

He said the Genex as a lowest bidder won the contract in three lots to supply and install Electronic Fiscal Device (EFD) and Sales Data Controller (SDC) or VAT collecting machines at different types of retail shops.

Earlier, the Cabinet Committee on Economic Affairs gave its nod in principle to this decision of NBR on August 31.

Barik said the vendor will supply and install the machines at its own cost and in return, it will get 0.52-0.538 per cent of the collected money as a service charge while depositing it to the government.

It will also carry out the operation and maintenance work as well, he added.

According to NBR officials, it’s not possible for the government to operate so many machines across the country, that’s why service outsourcing is being done.

However, installation of EFD machines started two years ago but there is not much speed in its operation.