Home ›› 06 Dec 2021 ›› Front
Value Added Tax or VAT will no longer be displayed separately on price tags of products as the National Board of Revenue (NBR) has decided to include the VAT in product prices.
NBR Chairman Abu Hena Md Rahmatul Muneem disclosed the development at an event on a lottery draw on sales receipts in Dhaka on Sunday.
“From now on, the prices of products must include VAT. The price tag will not display VAT separately,” he said.
The rule will bring much relief to the customers, he believed.
The move aims at encouraging people to ask the sellers for machine-generated receipts or invoices to ensure that the VAT could not be evaded.
In October, the tax administrator directed sellers not to collect VAT separately. It said the receipt needs to display details of goods or services, quantity and VAT and supplementary duty. The price must be displayed in local currency.
The draw was held on the invoices issued from November 1 to November 30, to award 101 buyers who bought products from stores that used Electronic Fiscal Devices.
The NBR so far installed 3,478 EFDs in businesses. In the current fiscal year, the NBR sets a target to install 6,000 EFD machines.
