- NBR’s plan to install Electronic Fiscal Device (EFD) in retail outlets for VAT collection has failed due to noncompliance by contractor Genex Infosys
- NBR has issued a show-cause letter to the company for violating the contract
- Only 11,000 out of 60,000 EFDs have been installed since 2023, not following contract specifications
- Genex Infosys did not organize awareness campaigns for EFD use as required
- The company cited devaluation of local currency against the US dollar as a reason for not investing more in EFD installation
- NBR has not paid the company’s bills yet, pending scrutiny by Bangladesh Computer Council
- The government is not getting its due VAT from retail outlets, according to Professor Mustafizur Rahman from CPD
- He suggests finding an easy technological solution based on international best practices for VAT collection.
Source: thefinancialexpress.com.bd
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Bangladesh"
- NBR Expands Customs, VAT Wings and Splits into Two Divisions to Boost Revenue and Tax Base
- NBR Unveils Major Customs and VAT Reforms to Expand Tax Net and Boost Revenue Collection
- NBR Finalises Draft VAT Rules, Introduces Online Payment and Registration System
- Bangladesh Exempts Bonded Exporters from VAT on Local Procurement to Boost Competitiveness
- NBR Simplifies VAT Rules for Deemed Exports to Boost Local Suppliers
