NBR to introduce EFD in FY19 to make certain VAT collection

Politics Desk, Tanvir Ahamed Shawon, Staff Reporter, Dhaka Office: Alltimenews.com:- NBR to introduce EFD in FY19 to make certain VAT collection, National Board of Revenue (NBR) has initiated a circulate to introduce ‘Electric Fiscal Device (EFD)’ in monetary 12 months 2018-19 (FY19) to make certain series of Value Added Tax (VAT) in a trouble-free and transparent manner, reports BSS

Software can be advanced for linking VAT paying agencies in order that the NBR can collect VAT transparently.

“NBR wants to ensure the usage of EFD with the aid of all groups within the next twelve months. There might be a route approximately it inside the finances for monetary yr 2018-19,” said NBR chairman Md Mosharraf Hossain Bhuiyan.

Talking to the information organisation, he stated EFD may be linked with the central server of NBR.

When every person buys a product a ‘chalan’, provided with the aid of the shop-owner, could be printed with particular code of the NBR, he said, including that this machine will help check evading VAT.
Bhuiyan said the NBR has deliberate to bring all eligible taxpayers beneath the tax internet inside the subsequent price range (FY19) and special measures will be taken to check tax evasion. The NBR will introduce EFD in place of ECR (Electronic Cash Register) in order that it may accumulate VAT well, he added.

“A clear recognition will be made approximately EFD in the next finances,” he added.

He stated EFD need to be utilized by all companies within the next twelve months.

The NBR chairman indicated that the price of corporate tax could be reduced within the subsequent price range to facilitate industrialization but stated it will likely be challenging for the NBR to obtain sales incomes goal if the company tax is slashed.

For this cause, the NBR has deliberate to take all-out measures to check tax evasion inside the coming fiscal 12 months, he added.

He stated many companies gather VAT from humans however do now not deposit the amassed VAT to the country wide coffer.

 

Politics Desk, Alltimenews.com