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NBR to start EFD installation in Dec

Staff Correspondent | Published: 00:00, Nov 05,2019

 
 

The National Board of Revenue may start installation of electronic fiscal devices (EFD) at shops from December, one year after making use of the device mandatory for 24 types of shops and service providers across the country.

Initially, the device will be set up at 100 shops located at Bashundhara City Shopping Mall and Jamuna Future Park in Dhaka as part of implementation of the provision.

The revenue board has decided to import two lakh EFDs along with electronic fiscal device management systems (EFDMS) to track online transactions and ensure VAT collection from the sectors.

The VAT Online Project, the implementing agency of the automated VAT system, has already issued work order for purchasing one lakh EFDs at a cost of Tk 317 crore.

The first shipment of 10,000 EFDs was scheduled to arrive by November, officials said.

The other machines would gradually be installed at eligible shops located at luxury shopping malls across the country and Old Town of Dhaka, they said.

The VOP initially plans to provide 10,000 EFDs free of cost to traders.

Officials, however, said that the tax authority was yet to take any final decision in this regard.

Installation of the each EFD would cost around Tk 22,000.

In August 2018, the NBR made the use of EFD or Point of Sales (POS) software, scrapping the traditional electronic cash register machines (ECR), mandatory for shops and service providers from November 1 that year.

According to the plan, all EFDs and POS machines will be connected online with the EFDMS.

The businesses will be able to use their own POS software after taking approval of the NBR. The POS software must have sales data controller for preserving sales records and maintaining connection with the EFDMS of the NBR.

Every transaction to be made through the device will be transferred to the EFDMS for authorisation codes and traders will be able to complete the transactions only upon receiving the code from the system.

VAT officials will be able to track the sales transactions of the shops connected with the EFDMS through the device.

The shops and service providers that have been brought under the mandatory use of the EFDs or POS include residential hotels, restaurants, sweetmeat shops, furniture shops, clothing stores, electronic/electrical household items sales stores, super shops, jewellery shops, cinemas and coaching centres.

All shops and service providers at luxury shopping malls and other big and medium-sized wholesale and retail shops located in all city corporation areas and district headquarters have also been brought under the system.

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