NBR to install EFD in all jewellery shops to enhance revenue collection
The National Board of Revenue (NBR) has taken a move to install electronic fiscal device (EFD) all jewellery shops across the country, aiming to enhance the revenue collection from this sector.
At the initial stage the EFD will be installed in all jewellery shops in Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox's Bazar, Bandarban, Khagrachhar and Rangamati districts soon.
The National Board of Revenue issued a letter in this regard on Sunday.
The revenue collecting authority held a meeting with the leaders of the Bangladesh Jewellers Association (Bajus) on January 7 at the NBR regarding the establishment of EFD.
Association leaders raised various problems in the jewellery sector.
Some of the problems were related to VAT, baggage rules, gold import, etc.
They informed that there are still many institutions in the jewellery sector which are not registered under VAT.
The leaders said that by registering unregistered institutions, establishing EFD in all institutions, and solving other problems in this sector in a reasonable and fair manner, the government's revenue collection will increase and this sector will flourish.
The National Board of Revenue officials sought the cooperation of the Association in this regard while the leaders assured that they will provide all possible cooperation.
An awareness creating Zoom meeting will be held with the stakeholders on January 23 at 3pm in this regard.
After the meeting, Genex Infosys PLC, Ltd. will install EFD, according to the official letter issued by the NBR.
Therefore, a list of jewellery establishments located in various markets and areas under the jurisdiction of Dhaka (East/West/North/South/Chittagong) Commissionerate is required, the letter said.
In this situation, a request has been made to the association provide a list of jewellery establishments in the markets and areas of Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox's Bazar, Bandarban, Khagrachhari and Rangamati.
If it is not possible to provide all the lists together, it is requested to provide them partially, the letter added.
At present the number of registered VAT payers is just over 500,000 although a significant number of eligible businesses operating outside the system.