National Board of Revenue (NBR) has planned to start installation of electronic fiscal devices (EFDs) at shops from early next month, its chairman Md Mosharraf Hossain Bhuiyan said on Tuesday.
Such transaction devices are expected to help curb possible VAT (value added tax) evasion, sources said, adding that these devices are going to be set up one year after making its use mandatory for 24 types of shops and service providers across the country.
Speaking as the chief guest at a new uniform-unveiling event for customs officials, the revenue board chairman said they have already received the first consignment of such imported device which is crucial in implementing new VAT law properly.
"We are expecting that we will initially start installation of such devices at shops either from later this month or the first week of January, 2020," he informed before launching uniform for the country's customs officials for the first time.
It will help bring discipline and transparency in the system through curbing possible VAT evasion, he said.
At the same time, he said, the revenue board is working to bring all the land, river, air and sea ports under automated scanning system to prevent export and import related anomalies.
"There are some ports having scanner facilities but many don't have. So, we have already invited tender for ensuring such facilities at all the ports. It will certainly help combat anomalies like money laundering through under invoicing and over invoicing."
Highlighting the importance of electronic seal lock, he suggested the businesses adopt electronic seal and lock system to ensure cargo security.
The NBR chairman also called upon the customs officials to maintain the reputation of the uniform through their performances and contribute more to raising tax in percentage of GDP (gross domestic product).
In August last year, the revenue board made the use of EFD or Point of Sales (POS) software, scrapping traditional electronic cash register machines (ECRs), mandatory for shops and service providing outlets from November, 2019.
In accordance with the plan, all EFDs and POSs will be connected online with the EFD management system.
The businesses will be able to use their own POS software after taking approval from the NBR. The POS software must have sales data controller for preserving sales records and maintaining connection with EFDMS of the NBR.
Each transaction to be made through the device will be transferred to EFDMS for authorisation codes and traders will be able to complete transactions only upon receiving the code from the system.
VAT officials will be able to track sales transactions of the shops connected with EFDMS through the device.
The shops and service providers brought under the mandatory use of EFDs or POSs 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.
NBR member (customs audit, modernisation and international trade) Khondaker Muhammad Aminur Rahman and its member (customs and VAT admin) Md Saiful Islam also spoke at the function.
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