- EFD deployment began in August 2020 but rollout has been slow
- Experts suggest prioritizing installation of EFDs in all businesses to boost VAT collection
- NBR has seen positive outcomes from EFD installation in VAT collection
- Plans to launch more EFDs in the current financial year and next five years
- VAT revenue comes from sectors like mobile phones, cigarettes, soft drinks, and gas
- Opportunities to collect more VAT exist in retail and wholesale sectors
- Annual transactions in retail and wholesale sectors make up 13% of GDP
- Proper enforcement could increase annual VAT collection tenfold
- Shop owners believe widespread EFD installation could significantly increase VAT revenue
- Measures to curb VAT evasion could further boost government revenue.
Source: dhakatribune.com
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.
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