The National Board of Revenue (NBR) issued a work order to collect 10,000 Electronic Fiscal Device (EFD) to check value added tax (VAT) evasion at the retail and wholesale levels.
The revenue authority placed its first order on Sunday as part of the plan to collect a total of 100,000 EFDs. The 10,000 EFDs would be procured at a cost of Tk 3.17 billion, reports BSS.
Syed Mushfiqur Rahman, director of VAT Online Project, said China-based technology firm, SZZT got the work order to supply the devices.
“We are optimistic to receive the devices within 15-20 days and then those would be distributed to the business entities,” he added.
Rahman hoped introduction of the EFDs would not only ensure transparency of the business entities but also prevent VAT dodging.
He said the EFDs will be installed at 25 types of businesses, including shops, hotels, restaurants and sweets stores, clothing, furniture and electronics outlets and jewellery etc.
© 2020 - All Rights with The Financial Express