As a step to raise internal revenue collection, the National Board of Revenue (NBR) has again taken the initiative to install Electronic Fiscal Device (EFD) and Sales Data Controller (SDC) or value-added tax (VAT) machines in different types of business entities, such as department stores. Requesting anonymity, an official of NBR told Dhaka Tribune: “A large amount of VAT evasion happens at the retail and wholesale levels. As a result of this step, VAT collection is expected to reach the desired level by 2026, the official also added. In-principle approval has already been given for the use of EFD-SDC machines and the appointment of service vendors for data collection of VAT collected at the retail level. “Our VAT commissioners will appoint the vendor and they will collect data and give it to the NBR.

Source: Dhaka Tribune September 03, 2022 20:24 UTC