Bangladesh has been advancing on the path of digitalisation for a long time and has achieved much. In that continuation, the country is going to become digital Bangladesh very soon. This has been the mandate for long and as a result, several things have taken place. Several government organisations are performing in the full scope of digital technology to take the country ahead.
According to a report published in this daily, National Board of Revenue (NBR) has decided to install 10,000 electronic fiscal devices (EFD) at shops in Dhaka and Chattogram by March this year for automated value-added tax (VAT) collection.
Right now, there is a lot of VAT that is not going to the government treasury because of the lack of digitalisation in the country. At present, there is a massive deficit of VAT being collected which is only about three per cent.
Despite the positive sides of EDFs, it needs special
monitoring so that no tampering is done and the
proper amount of VAT is collected
The report also elaborates how the total VAT comes from domestic trade at retail and wholesale levels. In the 2019-20 fiscal year, the NBR collected a total Tk 218,408.94 crore revenue in which VAT contributed Tk 1,09,846 crore. With the inclusion of EFDs, it can be surmised that there will be substantial growth in VAT collected throughout the country.
Once more VAT is collected, the fund can be used to boost the country’s mega projects and also take on new projects that will benefit the country’s economy in the long run. Despite the positive sides of EDFs, it needs special monitoring so that no tampering is done and the proper amount of VAT is collected.
Above all, we believe that special consideration needs to be given to buyers who should be encouraged to ask for a receipt after purchase. This will result in proper VAT collection in the end.