NBR to install EFD in jewellery shops for revenue collection

The National Board of Revenue (NBR) has initiated a move to install electronic fiscal device (EFD) at all jewellery shops across the country, aiming to enhance the revenue collection from this sector.

At the initial stage, the EFD will be installed at all jewellery shops in Dhaka, Narayanganj, Narsingdi, Munshiganj, Manikganj, Savar, Gazipur, Mymensingh, Netrakona, Kishoreganj, Sherpur, Tangail, Jamalpur, Chattogram, Cox’s Bazar, Bandarban, Khagrachhari and Rangamati districts.

The NBR issued a letter in this regard yesterday.

The revenue collecting authority held a meeting with the leaders of the Bangladesh Jewellers Association (BAJUS) on January 7 at the NBR regarding the installment of EFD.

The Association leaders at the meeting 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 yet to be 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 would increase as well as this sector would flourish further.

In this regard, the NBR officials sought the cooperation of the Association while the leaders assured that they would provide all possible cooperation.

Besides, 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/Chattogram) Commissionerate is required, the letter said.

In this situation, a request has been made to the association to 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 full lists together, the NBR has also requested to provide them partially.

At present the number of registered VAT payers is just over 500,000 although a significant number of eligible businesses operating outside the system. (BSS)