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2.5pc jewellers install EFD for VAT collection

FE REPORT | February 05, 2025 00:00:00


Only 2.5 per cent of jewellery businesses in Bangladesh have installed electronic devices for VAT collection while 20 per cent have VAT registration.

The dismal data has been revealed at a meeting between jewellers and the National Board of Revenue (NBR).

Dr Mohammad Abdur Rouf, a member of the VAT wing, said the NBR is trying to expand the base. The board needs cooperation from taxpayers.

It's inspiring to know that the Bangladesh Jewellers' Association (BAJUS) is willing to cooperate, he appreciated.

In this way, the VAT wing is planning to proceed towards ensuring VAT compliance with the support from the business associations, he added.

According to the furnished data, the NBR has empowered the BAJUS to ensure installation of electronic fiscal device (EFD) or sale data controller in all jewellers.

Currently, only 1,000 jewellers, out of total 40,000 across the country, have installed EFD, the official data shows.

Of the jewellery businesses, the BAJUS has 23,000 members and only 8,000 of them have VAT registration number.

In the last fiscal year, the NBR has received Tk 1.0 billion in VAT.

Following a meeting between the VAT implementation wing and the BAJUS on January 31, 2025, the decision has been made to empower the association to make all jewellery business compliant.

In this regard, VAT (ICT and project planning) issued a letter to the BAJUS president on Monday.

At the meeting, chief executive officer of Genex Infosys, the third party contractor assigned to install EFD, has suggested adopting area-wise schedules to make EFD installation a success.

The VAT commissioner of Dhaka East has already formed a task force to implement EFD.

The NBR has asked other commissioners to form task force.

Genex has taken plan to impart trainings to the businesses to facilitate use of EFD.

Officials said the NBR would launch massive campaign to popularise use of EFD/SDC.

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