One-third VAT to be collected through electronic fiscal devices

The National Board of Revenue (NBR) has set a target to collect one-third of value-added tax (VAT) through proper implementation of the programme to install electronic fiscal devices (EFDs) in the retail outlets, its chief has said.

In a programme on EFD lottery, NBR chairman Abu Hena Md Rahmatul Muneem said that the revenue authority is holding the lottery every month to encourage consumers to take EFD-generated invoices, but most of the winners of the lottery are not coming to receive the prizes.

The NBR has installed some 3,500 EFDs in Dhaka and Chattogram.

Mr Muneem said the NBR would assign private companies to popularise the EFD programme.

He said the NBR has introduced a VAT inclusive price system to resolve the confusion of the consumers over the payment of VAT.

According to the NBR data, there are some 323,000 Businesses Identification Number (BIN) holders in Bangladesh.