VAT from retail outlets rises 10 times on EFD use
NBR officials tell EFD lottery event
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The collection of value added tax (VAT) from retail outlets has increased ten times in general after the shops have started issuing Electronic Fiscal Device (EFD) generated invoices.
Top officials of the National Board of Revenue (NBR) said this while explaining positive outcomes of EFD installation, at a programme arranged on the occasion of EFD lottery draw on Sunday.
The NBR started EFD installation in 2020 and has so far installed the device in some 4,937 businesses.
In the month of May, the EFD machines recorded Tk 3.10 billion, which was Tk 2.03 billion last year.
The revenue board received Tk 260 million VAT against the transaction, which was Tk 170 million in the corresponding period last year.
The NBR officials said some 3,200 EFD devices would be installed in Dhaka and Chattogram and the target was to reach 30 million in future.
The collection of advance tax and arrear taxes has been prioritised in the last month of the fiscal year, they said.
They further said that the businesses were not getting the benefit of the online VAT system.
NBR Member Dr Abdul Mannan Shikder chaired the programme, attended by other members Md Shahidul Islam, Dr Moinul Khan and Zakia Sultana.