The National Board of Revenue (NBR) has issued a compliance measure for Genex Infosys Ltd, as well as VAT offices and VAT registered companies, to implement electronic fiscal devices (EFDs) aiming to boost revenue collection.
Although the NBR issued a strict guideline, including a requirement for Genex to replace any non-functional EFD within a day, there are no punitive measures taken by the revenue board in case the vendor is unable to adhere to this compliance.
On Monday, NBR issued the compliance directive, stating that Genex is required to maintain an adequate stock of machines to ensure immediate replacement of malfunctioning or inoperative EFDs.
Finance minister along with other guests officially launched the operations of EFDMS on Tuesday after nine month of agreement with private company.
Earlier, NBR signed a memorandum of understanding (MoU) with the company on November 5 last year, aiming to boost VAT collection and curb evasion.
Mentionable, this was the first time it outsourced such a service from a local listed company, which was supposed to install three lakh EFDs within the next five years.
In the compliance measure, NBR said that local VAT offices will prepare and update a list of companies in which installation of EFD is deployable based on a survey and the list will be sent to divisional officials.
The officials will scrutinise the list and sent to commissionarate office within 7 days to install EFDs and the commissionarate offices will provide the list to Genex to supply the demanded machines, it added.
The vendor will provide training sessions on EFD operations for business house officials and staff, as well as officers from VAT commissionerates. Additionally, they are required to provide updated installation data from the previous month by the 5th day of each subsequent month.
Genex Infosys Ltd will take necessary steps to monitor properly in issuing of VAT invoice in EFDs. Besides, Genex Infosys Ltd will set required service centre according to tender so that businesses get proper services in due time.
If any company or retailer does not maintain compliance and issue invoice in machine, Genex Infosys Ltd will submit a report with proper proof document to commissionerate. Based on the proof, commissioner will take required measure according to law.
Genex Infosys Ltd will deploy 60,000 devices initially in Dhaka and Chattogram within this fiscal year 2023-24 and deploy another three lakh EFDMS machines over the next five years.
The revenue board in August 2020 experimentally introduced EFDs in areas under the VAT commissionerates in Dhaka and Chattogram.
NBR aimed at the time EFDs would be installed in 6,000 retail stores by June 2021 and 10,000 by the end of the year. It later repeatedly extended the deadline to meet the target but failed to do so every time.
