Genex will supply and install Electronic Fiscal Devices (EFDs) and Sales Data Controllers (SDCs) or Vat collecting machines at different types of retail shops, said NBR officials in the MoU signing ceremony.
The National Board of Revenue to increase value-added tax (VAT) revenue collection, reduce evasion and strengthen the digital tax collection system signed an MoU with Genex Infosys Limited held at NBR's revenue building in Shegunbagicha.
The company will set up 300,000 machines in three zones - Dhaka Metropolitan, North and West outside Dhaka and Chittagong Customs Area within five-year tenure.
In the ceremony, NBR’s Chairman Abu Hena Md Rahmatul Muneem hoped that “The national revenue collection will be increased by multiple times if the EFDs and SDCs are successfully installed.”
The machines will be set up in the shops of city corporations or districts municipalities across the country, the NBR chairman said.
Genex will supply and install the machines at its own cost and it will get 0.52 per cent to 0.538 per cent of the collected money as a service charge in return while depositing it to the government.
“It will also carry out the operation and maintenance work as well, said the chairman adding that the company will also provide training on using EFD to the respective stakeholders.
Genex Infosys got selected as a vendor to collect VAT on behalf of the government, which was approved by the Cabinet Committee on Government Purchase (CCGP), at a virtual meeting on September 14.
Finance Minister AHM Mustafa Kamal presided over the virtual meeting where CCGP members were also present.
NBR chairman highlighted that presently five commissionerates of VAT in Dhaka (Dhaka North, South, West, East), and Chattogram collect revenues through 7,832 EFDs and SDCs.
Earlier on August 25, 2019, the EFD was first installed by NBR chairman Abu Hena Md Rahmatul Muneem to ensure transparency and accountability in VAT collection.
