The National Board of Revenue (NBR) has taken initiatives to set up new Electronic Fiscal Device (EFD) and software in all organizations and at the same time to strengthen their audit activities for increased revenue collection.
In a recent inter-board meeting of NBR, chaired by its chairman, the suggestion came up for quick implementation.
Based on the meeting information, it was learned that to prevent tax dodging, the authority would increase the use of EFD, special software for Large Taxpayer Units (LTU), separate software for banks, annual audit, activating more its preventive activities, strengthen audit office and many other initiatives were taken.
According to NBR, due to tax dodge tendency among the organizations, there has been an adverse effect on revenue collection. As a result, the authority concerned is unable to reach its target.
The authority makes it compulsory to use EFD at those large organizations whose monthly turnover is more than Tk 5 crore. With the implementation of EFD, organizations buying and selling, stock, payments, and other information will be automatically saved in the device.
Another feature of this software is that it is secure and useful for calculating the correct VAT through auditing. It is not possible to distort any information when it is turned on. In this running month, a total of 10000 EFD machines will be set up at different organizations.
According to NBR information, the EFD machine will centrally be connected with NBR. Through this, it will be easier to collect vat and tax as per the new taxation system. At the same time, annual audit and preventive activates are also strongly conducting. With these, the authority will be able to find tax dodgers easily.
To this end, NBR chairman Mosharraf Hossain Bhuiyan during the meeting said that for software 11 organizations were included, as a result, it could not create a healthy competitive environment among the software organizations. He suggested inclusion of more software companies to ensure software use among the companies.