VAT digitization gets momentum.
In an encouraging move, the National Board of Revenue is going to hold the first-ever lottery using the electronic fiscal device (EFD)- generated receipts next month with an aim to inspire customers to ask for receipts generated by EFD and curb value- added tax or VAT evasion. According to an NBR press release quoted in different media reports on Tuesday, it would hold the draw of receipts from the first day of January to January 31 this year. Moreover, the draw will take place on February 5. The revenue collector will treat the receipts on purchases from stores having EFDs as a coupon and has requested shoppers to preserve the receipts. The announcement came a month after the revenue administration had introduced 101 prizes, including Tk 100,000 as first prize and Tk 50,000 as the second, to encourage shoppers to demand receipts for their purchases. Purchase receipts issued from EFDs are a kind of VAT chalan, meaning the VAT paid by customers goes to the state coffer. The NBR took the step to increase VAT receipts from retailers and plug the loopholes in the VAT-collection system, frequently capitalized by unscrupulous businesses to evade the indirect tax.The tax authority started installing the devices in August last year and so far installed 1,078 EFDs, mainly in Dhaka and Chattogram. It wants to install 4,000 EFDs across the country and 10,000 by June. The EFDs are provided for free to 25 types of businesses, including shops, hotels, restaurants, sweet stores, clothing, furniture, electronics outlets and jewellers. VAT is the biggest source of revenue for the state and revenue officials and analysts on several occasions said the government does not get the actual amount of VAT paid by consumers owing to unscrupulous business practices. Against the backdrop, the revenue board went for EFDs and sales data controllers (SDCs) three years ago after its previous programme to make shop owners use electronic cash registers (ECRs) failed mainly because of the absence of any electronic system to monitor transactions at shops through the...
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